BILL ANALYSIS
Senate Research Center S.B. 833
By: Barrientos
AUTHOR'S/SPONSOR'S STATEMENT OF INTENT
Texas' urban and suburban communities are increasingly incorporating passenger or commuter rail systems in their approach to addressing congestion and mobility problems. The Capitol Area Metropolitan Transit Agency, for instance, recently received approval from voters to create a commuter rail line from Leander, in Williamson County, to downtown Austin, in Travis County. Tax increment financing (TIFs) zones are one of the often-discussed means of creating this new infrastructure.
S.B. 833 requires 25 percent of the tax increment created through a TIF zone associated with rail transportation project to be spent on affordable housing within the TIF zone until at least 10 percent of the residential component of the zone, as shown in the TIF project plan, consists of affordable multi-family rental properties and single-family dwellings.
RULEMAKING AUTHORITY
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 311.011, Tax Code, by adding Subsection (h), as follows:
(h) Provides that this subsection applies only to a [reinvestment] zone that is located in a county with a population of more than 800,000 and less than 1.4 million, is designated on or after January 1, 2005, and is or will be served by a rail transportation project as defined by general law. Sets forth requirements for the tax increment financing project plan.
SECTION 2. Effective date: upon passage or September 1, 2005.