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Amend CSSB 2 (senate committee printing) by adding the following appropriately numbered SECTION to the bill and renumbering the SECTIONS of the bill accordingly:
SECTION ____. Chapter 26, Tax Code, is amended by adding Section 26.____ to read as follows:
Sec. 26.____. TAX RATE ADJUSTMENT FOR FLOOD RISK MITIGATION EXPENDITURES. (a) In this section, "flood risk mitigation expenditures" for a tax year means the amount of expenditures made by a taxing unit in the period beginning on July 1 of the year preceding the tax year for which the tax is adopted and ending on June 30 of the tax year for which the tax is adopted on the costs of structural and non-structural flood mitigation activities, including but not limited:
(1) the construction of levees, dikes, floodwalls, dams, and other channel alterations to provide larger-scale flood benefits;
(2) culverts, gates, diversions, vegetation (including trees), and detention and retention basins, aimed at protecting critical facilities (water supply infrastructure, utilities, sanitary sewer systems, roads, and bridges) and other properties by retaining or diverting floodwater which accumulates during rain events;
(3) acquisition of high risk flood property to prevent future development or loss of life;
(4) planning and administrative activities to minimize development in high risk flood areas; and
(5) emergency services planning for response to severe flood events.
(b) If a taxing unit's flood risk mitigation expenditures exceed the amount of those expenditures for the preceding tax year, the no-new-revenue maintenance and operations rate for the taxing unit is increased by the rate computed according to the following formula:
(Current Tax Year's Flood Risk Mitigation Expenditures - Preceding Tax Year's Flood Risk Mitigation Expenditures) / (Current Total Value - New Property Value)
(c) The taxing unit shall include a notice of the increase in the no-new-revenue maintenance and operations rate provided by this section, including a description and the amount of the flood risk mitigation expenditures, in the information published under Section 26.04(e) and, as applicable, in the notice prescribed by Section 26.06 or 26.061.