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AN ACT
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relating to the deadline for certain economic development |
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corporations to file a certain report with the comptroller. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 502.151(a), Local Government Code, is |
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amended to read as follows: |
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(a) Not later than April [February] 1 of each year, the |
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board of directors of a corporation shall submit a report to the |
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comptroller that includes: |
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(1) a statement of: |
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(A) the corporation's primary economic |
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development objectives; |
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(B) the corporation's total revenue during the |
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preceding fiscal year; |
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(C) the corporation's total expenditures during |
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the preceding fiscal year; and |
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(D) the corporation's total expenditures during |
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the preceding fiscal year in each of the following categories: |
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(i) administration; |
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(ii) personnel; |
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(iii) marketing or promotion; |
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(iv) direct business incentives; |
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(v) job training; |
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(vi) debt service; |
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(vii) capital costs; |
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(viii) affordable housing; and |
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(ix) payments to taxing units, including |
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school districts; |
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(2) a list of the corporation's capital assets, |
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including land and buildings; and |
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(3) any other information the comptroller requires to |
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determine the use of the sales and use tax imposed under Chapter 504 |
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or 505 to encourage economic development in this state. |
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SECTION 2. This Act takes effect September 1, 2019. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 450 passed the Senate on |
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March 27, 2019, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 450 passed the House on |
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April 11, 2019, by the following vote: Yeas 146, Nays 0, one |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |