By: Hinojosa of Hidalgo S.B. No. 1250

(In the Senate - Filed February 12, 2025; February 28, 2025, read first time and referred to Committee on Economic Development; April 28, 2025, reported adversely, with favorable Committee Substitute by the following vote: Yeas 5, Nays 0; April 28, 2025, sent to printer.) Click here to see the committee vote

COMMITTEE SUBSTITUTE FOR S.B. No. 1250 By: Sparks

A BILL TO BE ENTITLED

AN ACT

relating to the definition of a project financing zone for the purposes of certain municipalities that use certain tax revenue to fund convention center facilities, multipurpose arenas, venues, and related infrastructure.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 351.1015(a)(4), Tax Code, is amended to read as follows:

(4) "Project financing zone" means an area within a municipality:

(A) that the municipality by ordinance or by agreement under Chapter 380, Local Government Code, designates as a project financing zone;

(B) the boundaries of which are:

(i) within a three-mile radius of the center of a qualified project; or

(ii) if designated by a municipality described by Section 351.001(7)(B) on or before December 31, 2024, a continuous geographic area the total area of which is less than or equal to the maximum area allowed under Subparagraph (i) that contains the qualified project;

(C) the designation of which specifies:

(i) for a zone the boundaries of which are prescribed by Paragraph (B)(i), the longitude and latitude of the center of the qualified project; or

(ii) for a zone the boundaries of which are prescribed by Paragraph (B)(ii), the exact boundaries of the zone; and

(D) the designation of which expires not later than the 30th anniversary of the date of designation.

SECTION 2. This Act takes effect September 1, 2025.

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