LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 77th Regular Session May 10, 2001 TO: Honorable Frank Madla, Chair, Senate Committee on Intergovernmental Relations FROM: John Keel, Director, Legislative Budget Board IN RE: HB3383 by Davis, Yvonne (Relating to the exemption from ad valorem taxation for certain community housing development organizations.), Committee Report 2nd House, Substituted ************************************************************************** * No fiscal implication to the State is anticipated. * ************************************************************************** The bill would amend Section 11.182 of the Tax Code, relating to expenditures made by community housing development organizations. The bill would allow the governing body of a taxing unit to require an organization receiving a property exemption as a community housing development organization improving property for low-income and moderate-income housing, which is not financed by tax exempt bond financing after January 1, 1997 and before December 31, 2001, to exhibit that at least 50 percent of the property tax savings be expended on social, educational, or economic development services for residents of the property. Since passage of this bill would not affect current or future qualified exemptions for community housing development organizations, there would be no fiscal impact to the state or units of local government. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies: 304 Comptroller of Public Accounts LBB Staff: JK, DB, SD, WP, BR