| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the designation of certain land as a reinvestment zone |
|
|
under the Tax Increment Financing Act. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 311.005, Tax Code, is amended by adding |
|
|
Subsection (a-1) to read as follows: |
|
|
(a-1) In connection with a petition submitted under |
|
|
Subsection (a)(5), if the area consists of vacant land, regardless |
|
|
of whether the area meets the criteria established by Subsection |
|
|
(a)(1), (2), or (3), the area may be designated as a reinvestment |
|
|
zone if the governing body of the municipality or county determines |
|
|
that the area described in the petition is: |
|
|
(1) unproductive; |
|
|
(2) underdeveloped; or |
|
|
(3) blighted. |
|
|
SECTION 2. This Act takes effect immediately if it receives |
|
|
a vote of two-thirds of all the members elected to each house, as |
|
|
provided by Section 39, Article III, Texas Constitution. If this |
|
|
Act does not receive the vote necessary for immediate effect, this |
|
|
Act takes effect September 1, 2007. |