Texas 2009 - 81st Regular

Texas House Bill HB1134 Compare Versions

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1	1	81R5919 SLB-F
2	2	By: England H.B. No. 1134
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the authority of the Dallas County Flood Control
8	8	District No. 1 to enter into a tax abatement agreement and to
9	9	designate a reinvestment zone.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Section 16A, Chapter 1081, Acts of the 68th
12	12	Legislature, Regular Session, 1983, is amended to read as follows:
13	13	Sec. 16A. TAX ABATEMENT CRITERIA. The district may enter
14	14	into a tax abatement agreement and may designate an area as a
15	15	reinvestment zone on a finding by the board of directors that the
16	16	proposed commercial-industrial or residential project or projects
17	17	meet the criteria prescribed by Section 16D of this Act. The
18	18	agreement must provide for the availability of tax abatement for
19	19	both new facilities and structures and for the expansion or
20	20	modernization of existing facilities and structures.
21	21	SECTION 2. Sections 16C(b) and (c), Chapter 1081, Acts of
22	22	the 68th Legislature, Regular Session, 1983, are amended to read as
23	23	follows:
24	24	(b) The resolution must describe the boundaries of the zone
25	25	and the eligibility of the zone for commercial-industrial or
26	26	residential tax abatement.
27	27	(c) Area of a reinvestment zone designated for
28	28	commercial-industrial or residential tax abatement may be included
29	29	in an overlapping or coincidental commercial-industrial or
30	30	residential zone established under Chapter 312, Tax Code.
31	31	SECTION 3. Section 16D(b), Chapter 1081, Acts of the 68th
32	32	Legislature, Regular Session, 1983, is amended to read as follows:
33	33	(b) The designation of a reinvestment zone for
34	34	commercial-industrial or residential tax abatement expires five
35	35	years after the date of the designation and may be renewed for
36	36	periods not to exceed five years. The expiration of the designation
37	37	does not affect an existing tax abatement agreement made under this
38	38	Act.
39	39	SECTION 4. Section 16E(a), Chapter 1081, Acts of the 68th
40	40	Legislature, Regular Session, 1983, is amended to read as follows:
41	41	(a) The district may agree in writing with the owner of
42	42	taxable real property that is located in a reinvestment zone, but
43	43	that is not in an improvement project financed by tax increment
44	44	bonds, to exempt from taxation a portion of the value of the real
45	45	property or of tangible personal property located on the real
46	46	property, or both, for a period not to exceed 30 years, subject to
47	47	the rights of holders of outstanding bonds of the district, on the
48	48	condition that the owner of the property make specific improvements
49	49	or repairs to the property. An agreement may provide for the
50	50	exemption of the real property in each year covered by the agreement
51	51	only to the extent its value for that year exceeds its value for the
52	52	year in which the agreement is executed. An agreement may provide
53	53	for the exemption of tangible personal property located on the real
54	54	property in each year covered by the agreement other than tangible
55	55	personal property that was located on the real property at any time
56	56	before the period covered by the agreement with the district. An
57	57	agreement may cover more than one commercial-industrial or
58	58	residential project.
59	59	SECTION 5. The changes in law made by this Act apply only to
60	60	a tax abatement agreement entered into or a designation of a
61	61	reinvestment zone made by the Dallas County Flood Control District
62	62	No. 1 on or after the effective date of this Act. A tax abatement
63	63	agreement entered into or a designation of a reinvestment zone made
64	64	by the district before the effective date of this Act is governed by
65	65	the law in effect when the contract was entered into or the
66	66	designation was made, and that law is continued in effect for that
67	67	purpose.
68	68	SECTION 6. This Act takes effect September 1, 2009.