Relating to the authority of the Dallas County Flood Control District No. 1 to enter into a tax abatement agreement and to designate a reinvestment zone.
Impact
This legislation broadens the scope of power granted to the Dallas County Flood Control District, allowing them to incentivize property improvements specifically for projects that may aid in flood mitigation. The ability to offer tax abatement and designate reinvestment zones may lead to increased development in areas that previously lacked significant investment, potentially revitalizing neighborhoods and expanding the local economy. The tax exemptions can last up to 30 years, allowing property owners time to make substantial improvements while benefiting from reduced tax burdens.
Summary
House Bill 1134 establishes the authority of the Dallas County Flood Control District No. 1 to enter into tax abatement agreements and designate reinvestment zones. This bill modifies existing legislation, specifically targeting the criteria under which the district can provide tax incentives for commercial, industrial, and residential projects. The changes are seen as a measure to stimulate economic development and attract new investments in flood control and related infrastructure within the county.
Contention
One notable point of contention surrounding HB 1134 may stem from the implications of increased local government power in tax matters, particularly whether such authority allows the district to effectively manage both environmental concerns and economic growth. While supporters argue that these changes will alleviate financial pressure on businesses and boost reinvestment in the county, critics might raise concerns over the sustainability of giving tax incentives without guaranteed environmental oversight, especially in flood-prone areas.
Relating to the duty of a school district to enter into an ad valorem tax abatement agreement under the Property Redevelopment and Tax Abatement Act for certain property.
Relating to agreements authorizing a limitation on taxable value of certain property to provide for the creation of jobs and the generation of state and local tax revenue; authorizing fees; authorizing penalties.
Relating to the authority of the board of directors of a tax increment financing reinvestment zone to use money in the tax increment fund established for the zone to compensate certain homeowners for the increase in taxes associated with the zone.
Relating to the creation of the Dallas Municipal Management District; providing authority to issue bonds; providing authority to impose assessments and fees.
Relating to the creation of the Dallas Municipal Management District; providing authority to issue bonds; providing authority to impose assessments and fees.
Relating to the creation of the Williamson County Development District No. 1; providing authority to issue bonds; providing authority to impose assessments, fees, and taxes.
Relating to the creation of the Presidio International Port Authority District; providing authority to issue bonds; providing authority to impose assessments, fees, and taxes.