1-1  By:  Grusendorf, Maxey (Senate Sponsor - Barrientos)  H.B. No. 2860
    1-2        (In the Senate - Received from the House May 8, 1995;
    1-3  May 9, 1995, read first time and referred to Committee on Finance;
    1-4  May 25, 1995, reported adversely, with favorable Committee
    1-5  Substitute by the following vote:  Yeas 10, Nays 0; May 25, 1995,
    1-6  sent to printer.)
    1-7  COMMITTEE SUBSTITUTE FOR H.B. No. 2860              By:  Barrientos
    1-8                         A BILL TO BE ENTITLED
    1-9                                AN ACT
   1-10  relating to tax abatements by municipalities, counties, and junior
   1-11  college districts relating to property in certain school districts.
   1-12        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
   1-13        SECTION 1.  Subchapter B, Chapter 312, Tax Code, is amended
   1-14  by adding Section 312.210 to read as follows:
   1-15        Sec. 312.210.  AGREEMENT BY TAXING UNITS RELATING TO PROPERTY
   1-16  IN CERTAIN SCHOOL DISTRICTS.  (a)  This section applies only to a
   1-17  tax abatement agreement applicable to property located in a
   1-18  reinvestment zone with respect to which a municipality, county, and
   1-19  junior college district have entered into a joint agreement to
   1-20  offer tax abatements exempting from taxation a specified portion of
   1-21  the value of the property in the reinvestment zone.
   1-22        (b)  A tax abatement agreement with the owner of real
   1-23  property that is located in the reinvestment zone described by
   1-24  Subsection (a) and in a school district that has a wealth per
   1-25  student that does not exceed the equalized wealth level must exempt
   1-26  from taxation:
   1-27              (1)  the portion of the value of the property in the
   1-28  amount specified in the joint agreement among the municipality,
   1-29  county, and junior college district; and
   1-30              (2)  an amount equal to 10 percent of the maximum
   1-31  portion of the value of the property that may under Section
   1-32  312.204(a) be otherwise exempted from taxation.
   1-33        (c)  In this section, "wealth per student" and "equalized
   1-34  wealth level" have the meanings assigned those terms by Section
   1-35  36.001, Education Code.
   1-36        SECTION 2.  This Act applies only to a tax abatement
   1-37  agreement entered into on or after the effective date of this Act.
   1-38  A tax abatement agreement entered into before the effective date of
   1-39  this Act is covered by the law as it existed on the date on which
   1-40  the agreement was entered into, and the former law is continued in
   1-41  effect for that purpose.
   1-42        SECTION 3.  The importance of this legislation and the
   1-43  crowded condition of the calendars in both houses create an
   1-44  emergency and an imperative public necessity that the
   1-45  constitutional rule requiring bills to be read on three several
   1-46  days in each house be suspended, and this rule is hereby suspended,
   1-47  and that this Act take effect and be in force from and after its
   1-48  passage, and it is so enacted.
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