1-1 By: Bivins S.B. No. 1061
1-2 (In the Senate - Filed March 9, 1999; March 10, 1999, read
1-3 first time and referred to Committee on Education; April 6, 1999,
1-4 reported favorably by the following vote: Yeas 8, Nays 0;
1-5 April 6, 1999, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the ad valorem taxation of a certain leasehold or other
1-9 possessory interest in real property constituting a certain project
1-10 of an industrial development corporation.
1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-12 SECTION 1. Subsection (k), Section 4B, Development
1-13 Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil
1-14 Statutes), is amended to read as follows:
1-15 (k) The legislature finds for all constitutional and
1-16 statutory purposes that projects of the types added to the
1-17 definition of that term by Subsection (a) of this section are
1-18 owned, used, and held for public purposes for and on behalf of the
1-19 eligible city incorporating the corporation, and [Section 23(b) of
1-20 this Act and Section 25.07(a), Tax Code, are not applicable to
1-21 leasehold or other possessory interests granted by the corporation]
1-22 during the period projects are owned by the corporation on behalf
1-23 of the eligible city, the projects[. Projects] are exempt from
1-24 taxation under Section 11.11, Tax Code[, for that period]. A
1-25 leasehold or other possessory interest in real property
1-26 constituting a project described by this subsection is subject to
1-27 ad valorem taxation under Section 25.07(a), Tax Code, except that a
1-28 leasehold or other possessory interest in real property
1-29 constituting a project described by this subsection that is created
1-30 under an agreement entered into by the corporation before September
1-31 1, 1999, is covered by the provisions of this subsection governing
1-32 ad valorem taxation of the leasehold or other possessory interest
1-33 that were in effect on the date on which the agreement was
1-34 executed.
1-35 SECTION 2. This Act takes effect September 1, 1999.
1-36 SECTION 3. The importance of this legislation and the
1-37 crowded condition of the calendars in both houses create an
1-38 emergency and an imperative public necessity that the
1-39 constitutional rule requiring bills to be read on three several
1-40 days in each house be suspended, and this rule is hereby suspended.
1-41 * * * * *