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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of a taxing unit other than a school |
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district to enter into a tax abatement agreement with an owner of |
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real property in a tax increment financing reinvestment zone. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 311.0125, Tax Code, is amended by |
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amending Subsection (b) and adding Subsection (b-1) to read as |
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follows: |
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(b) Except as provided by Subsection (b-1), to [To] be |
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effective, an agreement to abate taxes on real property in a |
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reinvestment zone must be approved by: |
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(1) the board of directors of the reinvestment zone; |
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and |
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(2) the governing body of each taxing unit that |
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imposes taxes on real property in the reinvestment zone and |
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deposits or agrees to deposit any of its tax increment into the tax |
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increment fund for the zone. |
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(b-1) Subsection (b) does not apply to an agreement to abate |
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taxes on real property in a reinvestment zone that is entered into |
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by a taxing unit that does not deposit and has not agreed to deposit |
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any of its tax increment into the tax increment fund for the zone. |
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SECTION 2. The change in law made by this Act applies only |
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to a tax abatement agreement entered into on or after the effective |
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date of this Act. A tax abatement agreement entered into before the |
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effective date of this Act is governed by the law in effect on the |
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date the agreement was entered into, and the former law is continued |
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in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2017. |