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A BILL TO BE ENTITLED
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AN ACT
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relating to the eligibility of property used for affordable housing |
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for ad valorem tax benefits under the Texas Economic Development |
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Act. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 313.024(b), Tax Code, is amended to read |
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as follows: |
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(b) To be eligible for a limitation on appraised value under |
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this subchapter, the entity must use the property for: |
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(1) manufacturing; |
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(2) research and development; |
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(3) a clean coal project, as defined by Section 5.001, |
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Water Code; |
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(4) an advanced clean energy project, as defined by |
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Section 382.003, Health and Safety Code; |
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(5) renewable energy electric generation; |
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(6) electric power generation using integrated |
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gasification combined cycle technology; |
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(7) nuclear electric power generation; |
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(8) a computer center primarily used in connection |
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with one or more activities described by Subdivisions (1) through |
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(7) conducted by the entity; [or] |
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(9) a Texas priority project; or |
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(10) affordable housing. |
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SECTION 2. Section 313.024(e), Tax Code, is amended by |
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adding Subdivision (8) to read as follows: |
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(8) "Affordable housing" means housing that is owned |
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for the purpose of renting the housing to individuals or families |
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whose median income is not more than 70 percent of the area median |
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family income for the household's place of residence, as adjusted |
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for family size and as established by the United States Department |
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of Housing and Urban Development. |
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SECTION 3. The changes in law made by this Act apply only to |
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an agreement entered into under Chapter 313, Tax Code, on or after |
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the effective date of this Act. An agreement entered into under |
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that chapter before the effective date of this Act is governed by |
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the law in effect on the date the agreement was entered into, and |
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the former law is continued in effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2015. |