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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority to modify an ad valorem tax abatement |
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agreement to extend the abatement period if a disaster prevents the |
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property owner from complying with the agreement. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 312.208, Tax Code, is amended by |
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amending Subsection (a) and adding Subsection (c) to read as |
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follows: |
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(a) At any time before the expiration of an agreement made |
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under this subchapter, the agreement may be modified by the parties |
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to the agreement to include other provisions that could have been |
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included in the original agreement or to delete provisions that |
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were not necessary to the original agreement. The modification must |
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be made by the same procedure by which the original agreement was |
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approved and executed. Except as provided by Subsection (c), the |
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[The] original agreement may not be modified to extend beyond 10 |
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years from the date of the original agreement. |
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(c) The parties to an agreement made under this subchapter |
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may modify the agreement to extend the abatement period for a period |
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not to exceed 10 years from the date the modified agreement is |
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executed if: |
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(1) the area in which the property that is the subject |
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of the agreement is located is declared to be a disaster area by the |
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governor; |
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(2) the owner of the property sustains a casualty loss |
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to the property as a result of the disaster; and |
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(3) the casualty loss prevents the owner of the |
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property from complying with the original agreement. |
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SECTION 2. The change in law made by this Act applies to the |
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modification of an ad valorem tax abatement agreement regardless of |
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whether the disaster prompting the modification of the agreement |
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occurred before, on, or after the effective date of this Act. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |