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