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A BILL TO BE ENTITLED
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AN ACT
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relating to the calculation of ad valorem tax rates by certain |
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taxing units that participate in one or more reinvestment zones for |
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tax increment financing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 26.03, Tax Code, is amended by adding |
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Subsection (e) to read as follows: |
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(e) For a taxing unit in which a tax rate calculation for a |
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tax year is affected by the application of this section, the |
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adjustments to the value of property taxable by the unit and to the |
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amount of taxes imposed or collected by the unit prescribed by this |
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section shall be calculated separately for each reinvestment zone |
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in which the taxing unit participates. The comptroller shall |
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ensure that the tax rate calculation forms prescribed under Section |
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5.07 provide for the calculations to be made in the manner required |
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by this subsection. |
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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 vote necessary for immediate effect, this |
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Act takes effect September 1, 2023. |