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.