|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to certain restrictions on the composition of a tax |
|
increment financing reinvestment zone. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Subsection (a), Section 311.006, Tax Code, is |
|
amended to read as follows: |
|
(a) A municipality may not create a reinvestment zone if: |
|
(1) more than 10 percent of the property in the |
|
proposed zone, excluding property that is publicly owned, is used |
|
for residential purposes; or |
|
(2) the total appraised value of taxable real property |
|
in the proposed zone and in existing reinvestment zones exceeds: |
|
(A) 20 percent of the total appraised value of |
|
taxable real property in the municipality and in the industrial |
|
districts created by the municipality, if the municipality is the |
|
county seat of a county: |
|
(i) that is adjacent to a county with a |
|
population of 3.3 million or more; and |
|
(ii) in which a planned community is |
|
located that has 20,000 or more acres of land, that was originally |
|
established under the Urban Growth and New Community Development |
|
Act of 1970 (42 U.S.C. Section 4501 et seq.), and that is subject to |
|
restrictive covenants containing ad valorem or annual variable |
|
budget-based assessments on real property; or |
|
(B) 15 percent of the total appraised value of |
|
taxable real property in the municipality and in the industrial |
|
districts created by the municipality, if Paragraph (A) does not |
|
apply to the municipality. |
|
SECTION 2. The changes in law made by this Act apply only to |
|
a reinvestment zone created on or after the effective date of this |
|
Act. The creation of a reinvestment zone before the effective date |
|
of this Act is covered by the law in effect immediately before the |
|
effective date of this Act, and the former law is continued in |
|
effect for that purpose. |
|
SECTION 3. This Act takes effect September 1, 2009. |