By: Bivins S.B. No. 1061
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the ad valorem taxation of a certain leasehold or other
1-2 possessory interest in real property constituting a certain project
1-3 of an industrial development corporation.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Subsection (k), Section 4B, Development
1-6 Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil
1-7 Statutes), is amended to read as follows:
1-8 (k) The legislature finds for all constitutional and
1-9 statutory purposes that projects of the types added to the
1-10 definition of that term by Subsection (a) of this section are
1-11 owned, used, and held for public purposes for and on behalf of the
1-12 eligible city incorporating the corporation, and [Section 23(b) of
1-13 this Act and Section 25.07(a), Tax Code, are not applicable to
1-14 leasehold or other possessory interests granted by the corporation]
1-15 during the period projects are owned by the corporation on behalf
1-16 of the eligible city, the projects[. Projects] are exempt from
1-17 taxation under Section 11.11, Tax Code[, for that period]. A
1-18 leasehold or other possessory interest in real property
1-19 constituting a project described by this subsection is subject to
1-20 ad valorem taxation under Section 25.07(a), Tax Code, except that a
1-21 leasehold or other possessory interest in real property
1-22 constituting a project described by this subsection that is created
1-23 under an agreement entered into by the corporation before September
1-24 1, 1999, is covered by the provisions of this subsection governing
2-1 ad valorem taxation of the leasehold or other possessory interest
2-2 that were in effect on the date on which the agreement was
2-3 executed.
2-4 SECTION 2. This Act takes effect September 1, 1999.
2-5 SECTION 3. The importance of this legislation and the
2-6 crowded condition of the calendars in both houses create an
2-7 emergency and an imperative public necessity that the
2-8 constitutional rule requiring bills to be read on three several
2-9 days in each house be suspended, and this rule is hereby suspended.