By Duncan S.B. No. 986
77R3906 GJH-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to allowing certain tax abatement agreements to provide
1-3 for the recapture of lost ad valorem tax revenue if a property
1-4 owner fails to comply with a tax abatement agreement requirement
1-5 for creating jobs.
1-6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-7 SECTION 1. Section 312.205(b), Tax Code, is amended to read
1-8 as follows:
1-9 (b) An agreement made under Section 312.204 or 312.211 may
1-10 include, at the option of the governing body of the municipality,
1-11 provisions for:
1-12 (1) improvements or repairs by the municipality to
1-13 streets, sidewalks, and utility services or facilities associated
1-14 with the property, except that the agreement may not provide for
1-15 lower charges or rates than are made for other services or
1-16 properties of a similar character;
1-17 (2) an economic feasibility study, including a
1-18 detailed list of estimated improvement costs, a description of the
1-19 methods of financing all estimated costs, and the time when related
1-20 costs or monetary obligations are to be incurred;
1-21 (3) a map showing existing uses and conditions of real
1-22 property in the reinvestment zone;
1-23 (4) a map showing proposed improvements and uses in
1-24 the reinvestment zone; [and]
2-1 (5) proposed changes of zoning ordinances, the master
2-2 plan, the map, building codes, and city ordinances; and
2-3 (6) the recapture of property tax revenue lost as a
2-4 result of the agreement if the owner of the property fails to
2-5 create the number of new jobs provided by the agreement, and
2-6 payment of a penalty, interest, or both, on that recaptured
2-7 property tax revenue.
2-8 SECTION 2. This Act takes effect immediately if it receives
2-9 a vote of two-thirds of all the members elected to each house, as
2-10 provided by Section 39, Article III, Texas Constitution. If this
2-11 Act does not receive the vote necessary for immediate effect, this
2-12 Act takes effect September 1, 2001.