73R6318 LJD-F By Martin, Duncan, Gray H.B. No. 209 Substitute the following for H.B. No. 209: By Ramsay C.S.H.B. No. 209 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the sales and use tax that may be levied for the 1-3 benefit of certain industrial development corporations. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 4A, Development Corporation Act of 1979 1-6 (Article 5190.6, Vernon's Texas Civil Statutes), is amended by 1-7 adding Subsection (q) to read as follows: 1-8 (q) At an election called or held under Subsection (d) or 1-9 (o) of this section, the city may also allow the voters to vote on 1-10 a ballot proposition that limits the use of the sales and use tax 1-11 to a specific project. If a city elects to limit the use to a 1-12 specific project, in the ballot proposition prescribed by 1-13 Subsection (m) or (p) a description of the project shall be 1-14 substituted in place of the words "new and expanded business 1-15 enterprises." When the last of its obligations for the specific 1-16 project have been satisfied, the corporation shall send a notice to 1-17 the comptroller stating that the sales and use tax imposed for the 1-18 specific project may not be collected after the last day of the 1-19 first calendar quarter beginning after the date of notification. A 1-20 sales and use tax imposed for a specific project under this 1-21 subsection may not be collected after the last day of the first 1-22 calendar quarter beginning after the date of the notification to 1-23 the comptroller. Revenue collected after the obligations for the 1-24 specific project have been satisfied shall be retained by the state 2-1 for state purposes and deposited to the credit of the general 2-2 revenue fund if the tax revenue cannot be returned to the purchaser 2-3 of taxable items on which the tax was paid. A corporation that has 2-4 been created to perform a specific project under this subsection 2-5 may retain its corporate existence and perform other projects as 2-6 may be approved by the voters of the city under an election called 2-7 and held under Subsection (d) or (o) of this section. 2-8 SECTION 2. Section 4A(l), Development Corporation Act of 2-9 1979 (Article 5190.6, Vernon's Texas Civil Statutes), as added by 2-10 Section 1, Chapter 634, Acts of the 72nd Legislature, Regular 2-11 Session, 1991, is repealed. 2-12 SECTION 3. The importance of this legislation and the 2-13 crowded condition of the calendars in both houses create an 2-14 emergency and an imperative public necessity that the 2-15 constitutional rule requiring bills to be read on three several 2-16 days in each house be suspended, and this rule is hereby suspended, 2-17 and that this Act take effect and be in force from and after its 2-18 passage, and it is so enacted.