By: Deshotel (Senate Sponsor - Williams) H.B. No. 2473

(In the Senate - Received from the House May 6, 2013; May 7, 2013, read first time and referred to Committee on Economic Development; May 16, 2013, reported adversely, with favorable Committee Substitute by the following vote: Yeas 4, Nays 0; May 16, 2013, sent to printer.)

COMMITTEE SUBSTITUTE FOR H.B. No. 2473 By: Deuell

A BILL TO BE ENTITLED

AN ACT

relating to use of sales and use tax proceeds by economic development corporations in connection with housing facilities for certain institutions of higher education.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Subchapter D, Chapter 501, Local Government Code, is amended by adding Section 501.163 to read as follows:

Sec. 501.163. USE OF TAX REVENUE FOR HOUSING FACILITIES FOR PUBLIC STATE COLLEGES. (a) In this section:

(1) "Housing facility" has the meaning assigned by Section 53.02, Education Code.

(2) "Public state college" has the meaning assigned by Section 61.003, Education Code.

(b) A corporation may spend tax revenue received under this subtitle for expenditures that are for the development or construction of housing facilities on or adjacent to the campus of a public state college.

(c) This section expires September 1, 2017.

SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect September 1, 2013.

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