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A BILL TO BE ENTITLED
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AN ACT
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relating to economic development, providing for an amendment to |
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certain existing tax increment reinvestment zones to extend the |
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duration of the zones. |
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BE IT |
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ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 403, Government Code, as amended by |
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deleting a portion of Section 403.302(e) as follows: |
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Section 403.302(e) The total dollar amount deducted in each |
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year as required by Subsection (d)(4) in a reinvestment zone |
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created after January 1, 1999, may not exceed the captured |
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appraised value estimated for that year as required by Section |
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311.011(c)(8), Tax Code, in the reinvestment zone financing plan |
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approved under Section 311.011(d), Tax Code, before September 1,
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1999. The number of years for which the total dollar amount may be
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deducted under Subsection (d)(4) shall for any zone, including
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those created on or before January 1, 1999, be limited to the
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duration of the zone as specified as required by Section
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311.011(c)(9), Tax Code, in the reinvestment zone financing plan
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approved under Section 311.011(d), Tax Code, before September 1,
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1999. The total dollar amount deducted under Subsection (d)(4) for |
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any zone, including those created on or before January 1, 1999, may |
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not be increased by any reinvestment zone financing plan amendments |
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that occur after August 31, 1999. The total dollar amount deducted |
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under Subsection (d)(4) for any zone, including those created on or |
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before January 1, 1999, may not be increased by a change made after |
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August 31, 1999, in the portion of the tax increment retained by the |
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school district. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the votes necessary for immediate effect, this |
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Act takes effect September 1, 2019. |