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Senate Bill 1264 |
Senate Author: Brimer |
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Effective: 5-23-07 |
House Sponsor: Truitt |
Senate Bill 1264 amends the Tax Code to authorize a taxing unit that levies real property taxes in a reinvestment zone to make a loan to the board of directors of the zone for deposit in the zone's tax increment fund if the governing body of the taxing unit determines that the loan is beneficial to and serves a public purpose of the taxing unit. This bill also sets out provisions relating to repayment of the loan.