The bill would amend Chapter 351 of the Tax Code, relating to Municipal Hotel Occupancy Taxes, to add Section 351.152(46), a municipality that has a population of 100,000 or more and is wholly located in, but is not the county seat of, a county with a population of one million or more in which all or part of a municipality with a population of one million or more is located and that is adjacent to a county with a population of 2.5 million or more, to the list of municipalities that are entitled to receive certain tax revenue derived from a hotel and convention center project and to pledge certain revenue for the payment of obligations related to the project.
The bill would add Section 351.152(47), a municipality that is the county seat of, a county with a population of one million or more in which all or part of a municipality with a population of one million or more is located and that is located adjacent to a county with a population of 2.5 million or more, to the list of municipalities that are entitled to receive certain tax revenue derived from a hotel and convention center project and to pledge certain revenue for the payment of obligations related to the project.
The bill would amend Section 351.153, to exempt a municipality described by Section 351.152(47), from the requirement that a qualified hotel project must be owned by or located on land owned by the municipality.
The bill would amend Section 351.157(b) to add (13) a municipality described by Section 351.152(46); and add Section 351.157(c) to add (13) (for a municipality described by (b)(13)) to make eligible to receive certain revenues from restaurants, bars, retail establishments, swimming pools and swimming facilities owned or operated by the related qualified hotel.
The bill would also add Section 351.161 to recapture lost state tax revenue in the event the total amount of state tax revenue received by the municipality from the state in the first 10 years entitlement exceeds the amount of revenue received by the state from the same sources over the following ten years. Section 351.161 only applies to a municipality described by Section 351.152(46).