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A BILL TO BE ENTITLED
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AN ACT
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relating to a restriction on the authority to disburse money paid |
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into the tax increment fund for a tax increment financing |
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reinvestment zone to pay certain project costs for the zone. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 311.014, Tax Code, is amended by adding |
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Subsection (b-1) to read as follows: |
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(b-1) Notwithstanding Subsection (b), money may not be |
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disbursed from the fund in a calendar year to pay project costs |
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described by Sections 311.002(1)(D) and (E) for the zone in an |
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amount greater than 25 percent of the total deposits paid into the |
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fund for that year under Section 311.013. |
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SECTION 2. This Act takes effect January 1, 2026. |