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A BILL TO BE ENTITLED
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AN ACT
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relating to reporting of and an adjustment under the school finance |
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system for benefits received by school districts or associated |
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foundations or other entities in connection with agreements under |
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the Texas Economic Development Act. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 42, Education Code, is |
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amended by adding Section 42.25151 to read as follows: |
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Sec. 42.25151. ADJUSTMENT FOR BENEFITS ASSOCIATED WITH |
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AGREEMENTS UNDER TEXAS ECONOMIC DEVELOPMENT ACT. (a) In this |
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section, "associated benefit" means a payment or other benefit |
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provided in connection with an agreement between a property owner |
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and a school district under Chapter 313, Tax Code, by or on behalf |
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of the property owner to: |
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(1) the district; or |
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(2) a foundation or other entity created to benefit |
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the district or the district's students. |
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(b) Notwithstanding Section 42.2516, the commissioner shall |
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for any school year: |
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(1) reduce the amounts due to a school district under |
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this chapter by an amount equal to the value of any associated |
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benefits received during that school year by the district or a |
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foundation or other entity created to benefit the district or the |
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district's students; or |
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(2) increase the amounts necessary for a school |
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district to comply with the requirements of Chapter 41 by an amount |
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equal to the value of any associated benefits received during that |
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school year by the district or a foundation or other entity created |
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to benefit the district or the district's students. |
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(c) A school district shall: |
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(1) report each associated benefit through the Public |
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Education Information Management System (PEIMS); and |
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(2) clearly identify each associated benefit in the |
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district's adopted budget and in the annual report required by |
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Section 44.007. |
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(d) The commissioner, in consultation with the comptroller, |
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as appropriate, may adopt rules necessary to implement this |
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section. |
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SECTION 2. This Act takes effect September 1, 2009. |