H.B. No. 2860
    1-1                                AN ACT
    1-2  relating to tax abatements by municipalities, counties, and junior
    1-3  college districts relating to property in certain school districts.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Subchapter B, Chapter 312, Tax Code, is amended
    1-6  by adding Section 312.210 to read as follows:
    1-7        Sec. 312.210.  AGREEMENT BY TAXING UNITS RELATING TO PROPERTY
    1-8  IN CERTAIN SCHOOL DISTRICTS.  (a)  This section applies only to a
    1-9  tax abatement agreement applicable to property located in a
   1-10  reinvestment zone with respect to which a municipality, county, and
   1-11  junior college district have entered into a joint agreement to
   1-12  offer tax abatements exempting from taxation a specified portion of
   1-13  the value of the property in the reinvestment zone.
   1-14        (b)  A tax abatement agreement with the owner of real
   1-15  property that is located in the reinvestment zone described by
   1-16  Subsection (a) and in a school district that has a wealth per
   1-17  student that does not exceed the equalized wealth level must exempt
   1-18  from taxation:
   1-19              (1)  the portion of the value of the property in the
   1-20  amount specified in the joint agreement among the municipality,
   1-21  county, and junior college district; and
   1-22              (2)  an amount equal to 10 percent of the maximum
   1-23  portion of the value of the property that may under Section
   1-24  312.204(a) be otherwise exempted from taxation.
    2-1        (c)  In this section, "wealth per student" and "equalized
    2-2  wealth level" have the meanings assigned those terms by Section
    2-3  36.001, Education Code.
    2-4        SECTION 2.  This Act applies only to a tax abatement
    2-5  agreement entered into on or after the effective date of this Act.
    2-6  A tax abatement agreement entered into before the effective date of
    2-7  this Act is covered by the law as it existed on the date on which
    2-8  the agreement was entered into, and the former law is continued in
    2-9  effect for that purpose.
   2-10        SECTION 3.  The importance of this legislation and the
   2-11  crowded condition of the calendars in both houses create an
   2-12  emergency and an imperative public necessity that the
   2-13  constitutional rule requiring bills to be read on three several
   2-14  days in each house be suspended, and this rule is hereby suspended,
   2-15  and that this Act take effect and be in force from and after its
   2-16  passage, and it is so enacted.