| TO: | Honorable Kyle Janek, Chair, Senate Committee on S/C on Emerging Technologies & Economic Dev. |
| FROM: | John S. O'Brien, Director, Legislative Budget Board |
| IN RE: | SB1089 by Shapiro (Relating to the authority of certain development corporations to spend tax revenue on certain mass transit-related facilities.), As Introduced |
The bill would amend the Development Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil Statutes) relating to the authority of certain development corporations to spend tax revenue on certain mass transit-related facilities.
The bill would allow a Section 4A or 4B corporation to spend tax revenue received under this Act for the development, improvement, expansion, or maintenance of facilities relating to the operation of commuter rail, light rail, or motor buses if authorized by the corporation's board of directors.
The bill would take effect immediately upon enactment if it receives two-thirds vote in each house; otherwise, it would take effect September 1, 2007.
Depending on how many development corporations would choose to spend tax revenue on certain mass transit-related facilities, the fiscal impact on local governments cannot be estimated.
| Source Agencies: |
| LBB Staff: | JOB, JRO, SD, EB
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