TO: | Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means |
FROM: | Ursula Parks, Director, Legislative Budget Board |
IN RE: | HB3703 by Rodriguez, Eddie (Relating to property tax appraisals of certain nonexempt property used for low-income or moderate-income housing.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2014 | $0 |
2015 | ($60,569,000) |
2016 | ($139,759,000) |
2017 | ($152,269,000) |
2018 | ($165,163,000) |
Fiscal Year | Probable Savings/(Cost) from Foundation School Fund 193 |
Probable Revenue Gain/(Loss) from School Districts |
Probable Revenue Gain/(Loss) from Counties |
Probable Revenue Gain/(Loss) from Cities |
---|---|---|---|---|
2014 | $0 | $0 | $0 | $0 |
2015 | ($60,569,000) | ($96,223,000) | ($47,803,000) | ($52,966,000) |
2016 | ($139,759,000) | ($32,088,000) | ($52,206,000) | ($57,944,000) |
2017 | ($152,269,000) | ($35,227,000) | ($56,759,000) | ($63,105,000) |
2018 | ($165,163,000) | ($38,479,000) | ($61,431,000) | ($68,415,000) |
Fiscal Year | Probable Revenue Gain/(Loss) from Other Special Districts |
---|---|
2014 | $0 |
2015 | ($34,941,000) |
2016 | ($38,129,000) |
2017 | ($41,420,000) |
2018 | ($44,794,000) |
This bill would amend Section 11.1825(q) of the Tax Code, regarding a property tax exemption for organizations constructing or rehabilitating low-income housing, to provide that for specified low-income or moderate-income housing property that is required to be appraised using the income method, a chief appraiser must determine the property's expenses in accordance to Section 11.182(a)(1) of the Tax Code which provides that cash flow includes money generated by a housing project less disbursements including standard property maintenance, debt service, employee compensation, fees required by government agencies, expenses incurred in satisfaction of requirements of lenders (including reserve requirements), insurance, and other justifiable expenses related to the operation and maintenance of the project.
The bill would rename the title of Section 11.182 of the Tax Code to "Community Housing Development Organizations and Properties Financed with Low-Income Housing Tax Credits for Low-Income and Moderate-Income Housing Families and Seniors." The bill also would rename the title of Section 11.1825 of the Tax Code to "Organizations Constructing or Rehabilitating Low-Income Housing and Properties Financed with Low-Income Housing Tax Credits for Low-Income and Moderate-Income Housing for Families and Seniors."
This bill would take effect immediately upon enactment, assuming that it received the requisite two-thirds majority votes in both houses of the Legislature. Otherwise, it would take effect September 1, 2013.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | UP, KK, SD, SJS
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