SENATE BILL 986 |
SENATE AUTHOR: Duncan |
EFFECTIVE: 06-13-01 |
HOUSE SPONSOR: Davis, Yvonne |
Senate Bill 986 amends the Tax Code to specify that the terms of a tax abatement agreement between a property owner and a municipality may include provisions, at the option of the municipality, for the recapture of all or a portion of property tax revenue lost if the property owner fails to meet any of the specified performance criteria provided by the agreement, plus payment of a penalty or interest, or both, on that recaptured property tax revenue.