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