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.