Honorable Larry Phillips, Chair, House Committee on Transportation
FROM:
John S O'Brien, Director, Legislative Budget Board
IN RE:
HB629 by Pickett (Relating to the use of municipal or county sales tax increment financing for a transportation reinvestment zone.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend the Transportation Code to authorize the governing body of a municipality or a county to designate an area as a transportation reinvestment zone and establish a tax increment account. The municipality or county would be allowed to use a portion of tax increment generated from sales and use taxes imposed for deposit into a tax increment account and could use those funds to pay for authorized projects, tax increment bonds, notes or other obligations, but not for property tax reduction or computation of a county tax rate.
The bill would allow the governing body of a municipality or a county to authorize the comptroller to withhold from any payment into the account, amounts due that are related to the transportation reinvestment zone.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.