The digital content on TLO has been updated to align with the accessibility standards required by WCAG 2.1.
Amend CSHB 2928 as follows:
(1) Strike SECTIONS 2 and 3 of the bill and substitute the
following appropriately numbered SECTION:
SECTION . Section 4B, Development Corporation Act of 1979
(Article 5190.6, Vernon's Texas Civil Statutes), is amended by
adding Subsections (g-1) and (g-2) to read as follows:
(g-1) (1) This subsection applies only to a corporation
created by an eligible city that in the preceding two years has
received an average of less than $50,000 a year from taxes imposed
under this section.
(2) A corporation to which this subsection applies may
use the corporation's tax proceeds for any project, including a
project described by Section 2(11) (A) of this Act.
(3) A corporation to which this subsection applies may
not undertake a project until the governing body of the eligible
city creating the corporation adopts a resolution authorizing the
project after giving the resolution at least two separate readings.
(g-2) A corporation governed by this section may use the
corporation's tax proceeds for the improvement of a building that
has historic significance, is located in a downtown area, and is
used for a business enterprise. In using the tax proceeds under
this subsection, the corporation:
(1) may not use, in one fiscal year of the corporation,
more than 20 percent of the corporation's total tax proceeds
received in the immediately preceding five years; and
(2) may not use an amount of tax proceeds that in the
aggregate exceed the corporation's total tax proceeds received in
the five years immediately preceding the first year in which the
corporation uses tax proceeds for an improvement under this
subsection.
(2) Renumber subsequent SECTIONS of the bill accordingly.