SRC-SLL S.B. 248 75(R) BILL ANALYSIS Senate Research CenterS.B. 248 By: Nelson Economic Development 4-2-97 As Filed DIGEST Currently, Texas law authorizes the Dallas County Flood Control District No. 1 to grant tax abatements for a term not to exceed 10 years. The term of the tax abatement agreement is required to be identical to the tax abatement granted by the city or county. These restrictions could inhibit the district's ability to attract industry. This bill will authorize the district to exempt certain property from taxation for a term not to exceed 30 years and will authorize differing terms in tax abatement agreements. PURPOSE As proposed, S.B. 248 authorizes the Dallas County Flood Control District No. 1 to exempt certain property from taxation for a term not to exceed 30 years. Authorizes differing terms in tax abatement agreements. RULEMAKING AUTHORITY This bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Sections 16E(a), (b), and (d), Chapter 1081, Acts of the 68th Legislature, Regular Session, 1983, to authorize the Dallas County Flood Control District No. 1 to agree in writing with the owner of certain real property to exempt from taxation a portion of the value of certain property for a period not to exceed 30 years, rather than 10 years. Provides that a tax abatement agreement entered into by the district is not required to contain terms identical to another tax abatement agreement that covers the same exempted property or a portion of that property. Deletes a requirement that agreements made with the owners of property in a reinvestment zone contain identical terms for the portion of the value of the property that is to be exempt and the duration of the exemption. Makes conforming changes. SECTION 2. Amends Section 16G(a), Chapter 1081, Acts of the 68th Legislature, Regular Session, 1983, to make a conforming change. SECTION 3. Emergency clause. Effective date: upon passage.