81R2039 SMH-D
By: Jones H.B. No. 1004
A BILL TO BE ENTITLED
AN ACT
relating to the authority of certain municipalities to extend the
termination date for a reinvestment zone created under the Tax
Increment Financing Act.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 311.017, Tax Code, is amended by adding
Subsection (a-1) to read as follows:
(a-1) This subsection applies only to a reinvestment zone
created by a municipality that has a population of 195,000 or more
and is the county seat of a county that has a population of 245,000
or less. Notwithstanding Subsection (a)(1), a municipality by
ordinance adopted subsequent to the ordinance adopted by the
municipality creating a reinvestment zone may designate a
termination date for the zone that is later than the termination
date designated in the ordinance creating the zone but not later
than the 20th anniversary of that date. If a municipality adopts an
ordinance extending the termination date for a reinvestment zone as
authorized by this subsection, the zone terminates on the earlier
of:
(1) the termination date designated in the ordinance;
or
(2) the date provided by Subsection (a)(2).
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.