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Senate Bill 1633 |
Senate Author: Nichols |
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Effective: 9-1-09 |
House Sponsor: Creighton |
Senate Bill 1633 amends the Tax Code to prohibit a municipality from creating a tax increment financing reinvestment zone if the total appraised value of taxable real property in the proposed zone and in existing reinvestment zones exceeds 20 percent of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality, if the municipality is the county seat of a county that is adjacent to a county with a population of 3.3 million or more, and if the county in which the municipality is located contains a planned community of 20,000 or more acres of land established originally under federal law and subject to restrictive covenants containing property or annual variable budget-based assessments on real property.