81R5919 SLB-F
By: England H.B. No. 1134
A BILL TO BE ENTITLED
AN ACT
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.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 16A, Chapter 1081, Acts of the 68th
Legislature, Regular Session, 1983, is amended to read as follows:
Sec. 16A. TAX ABATEMENT CRITERIA. The district may enter
into a tax abatement agreement and may designate an area as a
reinvestment zone on a finding by the board of directors that the
proposed commercial-industrial or residential project or projects
meet the criteria prescribed by Section 16D of this Act. The
agreement must provide for the availability of tax abatement for
both new facilities and structures and for the expansion or
modernization of existing facilities and structures.
SECTION 2. Sections 16C(b) and (c), Chapter 1081, Acts of
the 68th Legislature, Regular Session, 1983, are amended to read as
follows:
(b) The resolution must describe the boundaries of the zone
and the eligibility of the zone for commercial-industrial or
residential tax abatement.
(c) Area of a reinvestment zone designated for
commercial-industrial or residential tax abatement may be included
in an overlapping or coincidental commercial-industrial or
residential zone established under Chapter 312, Tax Code.
SECTION 3. Section 16D(b), Chapter 1081, Acts of the 68th
Legislature, Regular Session, 1983, is amended to read as follows:
(b) The designation of a reinvestment zone for
commercial-industrial or residential tax abatement expires five
years after the date of the designation and may be renewed for
periods not to exceed five years. The expiration of the designation
does not affect an existing tax abatement agreement made under this
Act.
SECTION 4. Section 16E(a), Chapter 1081, Acts of the 68th
Legislature, Regular Session, 1983, is amended to read as follows:
(a) The district may agree in writing with the owner of
taxable real property that is located in a reinvestment zone, but
that is not in an improvement project financed by tax increment
bonds, to exempt from taxation a portion of the value of the real
property or of tangible personal property located on the real
property, or both, for a period not to exceed 30 years, subject to
the rights of holders of outstanding bonds of the district, on the
condition that the owner of the property make specific improvements
or repairs to the property. An agreement may provide for the
exemption of the real property in each year covered by the agreement
only to the extent its value for that year exceeds its value for the
year in which the agreement is executed. An agreement may provide
for the exemption of tangible personal property located on the real
property in each year covered by the agreement other than tangible
personal property that was located on the real property at any time
before the period covered by the agreement with the district. An
agreement may cover more than one commercial-industrial or
residential project.
SECTION 5. The changes in law made by this Act apply only to
a tax abatement agreement entered into or a designation of a
reinvestment zone made by the Dallas County Flood Control District
No. 1 on or after the effective date of this Act. A tax abatement
agreement entered into or a designation of a reinvestment zone made
by the district before the effective date of this Act is governed by
the law in effect when the contract was entered into or the
designation was made, and that law is continued in effect for that
purpose.
SECTION 6. This Act takes effect September 1, 2009.