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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of the Dallas County Flood Control |
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District No. 1 to enter into a tax abatement agreement and to |
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designate a reinvestment zone. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 16A, Chapter 1081, Acts of the 68th |
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Legislature, Regular Session, 1983, is amended to read as follows: |
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Sec. 16A. TAX ABATEMENT CRITERIA. The district may enter |
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into a tax abatement agreement and may designate an area as a |
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reinvestment zone on a finding by the board of directors that the |
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proposed commercial-industrial or residential project or projects |
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meet the criteria prescribed by Section 16D of this Act. The |
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agreement must provide for the availability of tax abatement for |
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both new facilities and structures and for the expansion or |
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modernization of existing facilities and structures. |
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SECTION 2. Sections 16C(b) and (c), Chapter 1081, Acts of |
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the 68th Legislature, Regular Session, 1983, are amended to read as |
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follows: |
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(b) The resolution must describe the boundaries of the zone |
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and the eligibility of the zone for commercial-industrial or |
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residential tax abatement. |
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(c) Area of a reinvestment zone designated for |
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commercial-industrial or residential tax abatement may be included |
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in an overlapping or coincidental commercial-industrial or |
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residential zone established under Chapter 312, Tax Code. |
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SECTION 3. Section 16D(b), Chapter 1081, Acts of the 68th |
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Legislature, Regular Session, 1983, is amended to read as follows: |
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(b) The designation of a reinvestment zone for |
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commercial-industrial or residential tax abatement expires five |
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years after the date of the designation and may be renewed for |
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periods not to exceed five years. The expiration of the designation |
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does not affect an existing tax abatement agreement made under this |
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Act. |
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SECTION 4. Section 16E(a), Chapter 1081, Acts of the 68th |
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Legislature, Regular Session, 1983, is amended to read as follows: |
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(a) The district may agree in writing with the owner of |
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taxable real property that is located in a reinvestment zone, but |
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that is not in an improvement project financed by tax increment |
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bonds, to exempt from taxation a portion of the value of the real |
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property or of tangible personal property located on the real |
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property, or both, for a period not to exceed 30 years, subject to |
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the rights of holders of outstanding bonds of the district, on the |
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condition that the owner of the property make specific improvements |
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or repairs to the property. An agreement may provide for the |
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exemption of the real property in each year covered by the agreement |
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only to the extent its value for that year exceeds its value for the |
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year in which the agreement is executed. An agreement may provide |
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for the exemption of tangible personal property located on the real |
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property in each year covered by the agreement other than tangible |
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personal property that was located on the real property at any time |
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before the period covered by the agreement with the district. An |
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agreement may cover more than one commercial-industrial or |
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residential project. |
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SECTION 5. The changes in law made by this Act apply only to |
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a tax abatement agreement entered into or a designation of a |
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reinvestment zone made by the Dallas County Flood Control District |
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No. 1 on or after the effective date of this Act. A tax abatement |
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agreement entered into or a designation of a reinvestment zone made |
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by the district before the effective date of this Act is governed by |
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the law in effect when the contract was entered into or the |
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designation was made, and that law is continued in effect for that |
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purpose. |
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SECTION 6. This Act takes effect September 1, 2009. |