HBA-CBW S.B. 1535 77(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 1535 By: Madla Ways & Means 5/2/2001 Engrossed BACKGROUND AND PURPOSE Under current law, tax abatement agreements in reinvestment zones have a maximum term phase- in of 10 years that commences the year after the agreement is executed. However, some businesses that make capital investments may require more time to complete such investments. Senate Bill 1535 authorizes tax abatement agreements in reinvestment zones to take effect on January 1 of the next year after the date the improvements or repairs are substantially completed. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS Senate Bill 1535 amends the Tax Code to authorize tax abatement agreements in reinvestment zones to take effect on January 1 of the next tax year after the date the improvements or repairs are substantially completed. EFFECTIVE DATE September 1, 2001.