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A BILL TO BE ENTITLED
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AN ACT
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relating to the definition of current debt service for the purpose |
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of calculating the current debt rate of a taxing unit for ad valorem |
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tax purposes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 26.012(3), Tax Code, is amended to read |
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as follows: |
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(3) "Current debt service" means the minimum dollar |
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amount required to be expended for debt service for the current |
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year. |
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SECTION 2. This Act applies only to ad valorem taxes imposed |
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for an ad valorem tax year that begins on or after the effective |
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date of this Act. |
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SECTION 3. This Act takes effect January 1, 2024. |