S.B. No. 1629
1-1 relating to tax rebates for qualified hotel projects.
1-2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-3 SECTION 1. Subsection (h), Section 151.429, Tax Code, is
1-4 amended to read as follows:
1-5 (h) Notwithstanding the other provisions of this section,
1-6 the owner of a qualified hotel project shall receive a rebate,
1-7 refund, or payment of 100 percent of the sales and use taxes paid
1-8 or collected by the qualified hotel project or businesses located
1-9 in the qualified hotel project pursuant to this chapter and 100
1-10 percent of the hotel occupancy taxes paid by persons for the use or
1-11 possession of or for the right to the use or possession of a room
1-12 or space at the qualified hotel project pursuant to the provisions
1-13 of Chapter 156 during the first 10 <
seven> years after such
1-14 qualified hotel project is open for initial occupancy.
1-15 SECTION 2. The importance of this legislation and the
1-16 crowded condition of the calendars in both houses create an
1-17 emergency and an imperative public necessity that the
1-18 constitutional rule requiring bills to be read on three several
1-19 days in each house be suspended, and this rule is hereby suspended,
1-20 and that this Act take effect and be in force from and after its
1-21 passage, and it is so enacted.