1-1 By: Henderson S.B. No. 1629
1-2 (In the Senate - Filed March 28, 1995; March 29, 1995, read
1-3 first time and referred to Committee on Finance; May 4, 1995,
1-4 reported favorably by the following vote: Yeas 11, Nays 0;
1-5 May 4, 1995, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to tax rebates for qualified hotel projects.
1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10 SECTION 1. Subsection (h), Section 151.429, Tax Code, is
1-11 amended to read as follows:
1-12 (h) Notwithstanding the other provisions of this section,
1-13 the owner of a qualified hotel project shall receive a rebate,
1-14 refund, or payment of 100 percent of the sales and use taxes paid
1-15 or collected by the qualified hotel project or businesses located
1-16 in the qualified hotel project pursuant to this chapter and 100
1-17 percent of the hotel occupancy taxes paid by persons for the use or
1-18 possession of or for the right to the use or possession of a room
1-19 or space at the qualified hotel project pursuant to the provisions
1-20 of Chapter 156 during the first 10 <seven> years after such
1-21 qualified hotel project is open for initial occupancy.
1-22 SECTION 2. The importance of this legislation and the
1-23 crowded condition of the calendars in both houses create an
1-24 emergency and an imperative public necessity that the
1-25 constitutional rule requiring bills to be read on three several
1-26 days in each house be suspended, and this rule is hereby suspended,
1-27 and that this Act take effect and be in force from and after its
1-28 passage, and it is so enacted.
1-29 * * * * *