81R8575 SMH-D
By: Miklos H.B. No. 1237
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 is located in a county that has a
population of 2.2 million or more but less than 3.4 million.
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.