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By: Rose Senate Sponsor-Hegar |
H.B. No. 2308 |
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(In the Senate - Received from the House April 26, 2007; |
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May 1, 2007, read first time and referred to Subcommittee on |
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Emerging Technologies and Economic Development; May 19, 2007, |
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reported adversely, with favorable Committee Substitute from |
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Committee on Business and Commerce by the following vote: Yeas 6, |
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Nays 0; May 19, 2007, sent to printer.) |
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COMMITTEE SUBSTITUTE FOR H.B. No. 2308 |
By: Eltife |
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A BILL TO BE ENTITLED
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AN ACT
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relating to the requirement that certain economic development |
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corporations hold a hearing before spending funds to undertake a |
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project and to the authority of those economic development |
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corporations to allow voters to elect to limit the period during |
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which or the projects for which the tax is imposed. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 4B, Development Corporation Act of 1979 |
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(Article 5190.6, Vernon's Texas Civil Statutes), is amended by |
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adding Subsection (e-2) to read as follows: |
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(e-2) At an election called and held under Subsection (d) of |
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this section, the eligible city may also allow the voters to vote on |
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a ballot proposition that limits the length of time that a sales and |
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use tax may be imposed. An eligible city that imposes a tax for a |
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limited time under this subsection may later extend the period of |
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the tax's imposition or reimpose the tax only if the extension or |
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reimposition is authorized by a majority of the qualified voters of |
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the city voting in an election called and held for that purpose in |
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the same manner as an election held under Section 4A(n) of this Act. |
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Additionally, at an election held under Subsection (d) of this |
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section, the city may also allow the voters to vote on a ballot |
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proposition that limits the use of the sales and use tax to a |
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specific project. A corporation that has been created to perform a |
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specific project as provided by this subsection may retain its |
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corporate existence and perform other projects as may be approved |
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by the voters of the city under an election called and held for that |
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purpose in the same manner as Section 4A(r) of this Act provides for |
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an election held under Section 4A(d) of this Act. Before expending |
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funds to undertake a project, a corporation shall hold a public |
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hearing as otherwise provided by this section. |
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SECTION 2. Section 4B(n), Development Corporation Act of |
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1979 (Article 5190.6, Vernon's Texas Civil Statutes), is amended to |
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read as follows: |
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(n) Before expending funds to undertake a project, a |
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corporation under this section shall hold at least one public |
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hearing on the proposed project. A corporation the creation of |
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which was authorized by an eligible city with a population of less |
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than 20,000 is not required to hold a public hearing under this |
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subsection if the proposed project is defined by Section 2 of this |
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Act. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |
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