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A BILL TO BE ENTITLED
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AN ACT
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relating to a requirement that a fiscal impact statement be |
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provided before a taxing unit may enter into a tax abatement |
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agreement. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 312, Tax Code, is amended |
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by adding Section 312.008 to read as follows: |
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Sec. 312.008. FISCAL IMPACT STATEMENT. (a) Before |
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entering into a tax abatement agreement under this chapter, a |
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taxing unit shall prepare a fiscal impact statement that, |
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specifically and in detail, assesses the direct economic impact |
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that the tax abatement agreement would have on schools, |
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transportation, and public safety in the county or municipality in |
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which the reinvestment zone would be located under the tax |
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abatement agreement. |
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(b) The comptroller shall adopt rules establishing the |
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minimum requirements for a fiscal impact statement under this |
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section. The rules must require a taxing unit to provide the |
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statement within a reasonable amount of time before the taxing unit |
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enters into the applicable tax abatement agreement and in a manner |
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that allows members of the general public to review the statement. |
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SECTION 2. Not later than January 1, 2020, the comptroller |
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of public accounts shall adopt rules necessary to implement Section |
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312.008, Tax Code, as added by this Act. |
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SECTION 3. The change in law made by this Act applies only |
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to a tax abatement agreement entered into on or after January 1, |
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2020. |
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SECTION 4. This Act takes effect September 1, 2019. |