Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB2641 by Fallon (Relating to the criteria for designation of an area as a reinvestment zone for purposes of tax increment financing.), As Introduced
No fiscal implication to the State is anticipated.
This bill would amend Chapter 311, Tax Code (the Tax Increment Financing Act).
Section 311.005(a) would be amended by adding a new Subdivision (5) to provide that an area may be designated as a reinvestment zone if it is substantially undeveloped and located in a municipality with a population less than 20,000 and in a county with population of more than 660,000 and less than 690,000 that borders a county with population of two million or more.
The bill would take effect immediately if it receives a vote of two-thirds of all members elected to each house of the legislature, otherwise it would take effect September 1, 2013.
Local Government Impact
Numerous cities in Denton County appear to meet the population parameters of the bill. The fiscal implications for units of local government of any of their possible designations of reinvestment zones cannot be determined.