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A BILL TO BE ENTITLED
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AN ACT
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relating to a requirement that an ad valorem tax abatement |
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agreement provide for the recapture of lost ad valorem tax revenue |
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if the property owner fails to provide a health benefit plan to the |
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owner's employees and their dependents. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 312.205(a), Tax Code, is amended to read |
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as follows: |
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(a) An agreement made under Section 312.204 or 312.211 must: |
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(1) list the kind, number, and location of all |
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proposed improvements of the property; |
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(2) provide access to and authorize inspection of the |
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property by municipal employees to ensure that the improvements or |
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repairs are made according to the specifications and conditions of |
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the agreement; |
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(3) limit the uses of the property consistent with the |
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general purpose of encouraging development or redevelopment of the |
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zone during the period that property tax exemptions are in effect; |
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(4) provide for recapturing property tax revenue lost |
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as a result of the agreement if the owner of the property fails to |
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make the improvements or repairs as provided by the agreement; |
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(5) contain each term agreed to by the owner of the |
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property; |
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(6) require the owner of the property to certify |
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annually to the governing body of each taxing unit that the owner is |
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in compliance with each applicable term of the agreement; [and] |
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(7) provide that the governing body of the |
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municipality may cancel or modify the agreement if the property |
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owner fails to comply with the agreement; and |
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(8) provide for recapturing all or a specified portion |
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of the property tax revenue lost as a result of the agreement if the |
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owner of the property fails to provide to the persons employed on |
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the property as full-time employees and the dependents of those |
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employees a health benefit plan. |
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SECTION 2. This Act applies only to a tax abatement |
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agreement entered into on or after the effective date of this Act. |
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A tax abatement agreement entered into before the effective date of |
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this Act is governed by the law as it existed immediately before the |
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effective date of this Act, and that law is continued in effect for |
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that purpose. |
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SECTION 3. This Act takes effect September 1, 2007. |