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A BILL TO BE ENTITLED
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AN ACT
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relating to a study and report on the feasibility, methods, and |
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costs of establishing a Texas low income housing tax credit |
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program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. DEFINITION. In this Act, "department" means the |
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Texas Department of Housing and Community Affairs. |
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SECTION 2. STUDY. (a) The department shall conduct a |
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study to evaluate the feasibility, methods, and costs of |
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establishing a low income housing tax credit program for the state |
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of Texas. |
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(b) In conducting the study under Subsection (a) of this |
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section, the department shall: |
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(1) evaluate and identify sources available to fund |
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the program described by Subsection (a) of this section; |
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(2) evaluate the methods other states use for such |
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programs and identify what methods produce the greatest number of |
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affordable housing units; |
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(3) consider varying levels of funding for such a |
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program and determine the number of affordable housing units these |
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levels of funding would provide to the market; |
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(4) evaluate the tax savings that would be realized by |
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Texas businesses through the sale or exchange of the low income |
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housing tax credits; and |
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(5) identify the state entities best positioned to |
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implement and administer such a program in an efficient manner. |
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SECTION 3. REPORT. Not later than September 1, 2016, the |
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department shall submit to the legislature a written report |
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containing the findings of the study conducted under this Act and |
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the department's recommendations for any legislation or other |
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actions necessary to implement the program described by Section 2 |
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of this Act. |
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SECTION 4. The Office of Texas Comptroller of Public |
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Accounts shall assist the department to the extent it is necessary |
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to carry out the duty of Section 2(b). This assistance shall be |
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rendered at the request of the department. |
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SECTION 5. EXPIRATION. This Act expires September 1, 2017. |
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SECTION 6. EFFECTIVE DATE. This Act takes effect |
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immediately if it receives a vote of two-thirds of all the members |
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elected to each house, as provided by Section 39, Article III, Texas |
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Constitution. If this Act does not receive the vote necessary for |
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immediate effect, this Act takes effect September 1, 2015. |