TX
Texas Senate Bill SB313

Texas 2009 - 81st Regular

Texas Senate Bill SB313

Filed
11/21/08  
Out of Senate Committee
3/26/09  
Voted on by Senate
4/2/09  
Out of House Committee
5/18/09  
Bill Becomes Law
 

Caption

Relating to the term of a reinvestment zone and to the assessment and payment of tax increments under the Tax Increment Financing Act.

Impact

The impact of SB313 on state law primarily revolves around the modification of the termination criteria for reinvestment zones. By establishing parameters for the continuation of tax increment obligations, the bill offers municipalities and counties a mechanism to secure ongoing financial resources for projects that may not be fully realized by the original deadline. Furthermore, the legislation validates previous governmental actions related to such extensions, retroactively confirming decisions made prior to the bill's enactment. This provision could significantly affect the legal landscape surrounding municipal financing and real estate development.

Summary

SB313 proposes amendments to the Tax Increment Financing Act regarding the duration and management of reinvestment zones created by municipalities or counties in Texas. The bill seeks to clarify the extension protocols for these zones, effectively allowing a taxing unit that taxes real property within such a zone to decide whether to continue contributing to the tax increment fund beyond the initially designated termination date. This change aims to provide local governments with greater flexibility in managing the financial aspects of real estate development within these zones.

Contention

Notable points of contention regarding SB313 may involve debates on fiscal responsibility and the management of public funds. Critics might argue that extending the term of tax increment financing could lead to prolonged reliance on public resources, potentially diverting funds from other essential services or projects. Additionally, questions may arise concerning the transparency and accountability of local governments in deciding to extend these zones, especially if taxpayers become increasingly concerned about how these financial tools are used.

Summary_conclusion

In conclusion, SB313 represents an important development in the realm of local tax policy and municipal finance in Texas. By clarifying the legal framework around reinvestment zones, the bill aims to enhance local governments' ability to navigate financial complexities in urban development. However, it will be essential to monitor the implementation of this legislation to ensure that it serves the intended purpose without compromising taxpayers' interests.

Companion Bills

TX HB1159

Identical Relating to the extension of the term of a reinvestment zone created under the Tax Increment Financing Act.

Previously Filed As

TX HB4433

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.

TX HB774

Relating to the ad valorem tax appraisal of an older residence homestead located in or near a tax increment financing reinvestment zone.

TX HB4473

Relating to the calculation of ad valorem tax rates by certain taxing units that participate in one or more reinvestment zones for tax increment financing.

TX SB1096

Relating to the treatment of certain residence homesteads for purposes of the Tax Increment Financing Act.

TX HB5311

Relating to the creation and operation of a development zone by and the tax revenue received by The Woodlands Township; providing authority to issue bonds; providing authority to impose assessments and taxes.

TX SB2606

Relating to the creation and operation of a development zone by and the tax revenue received by The Woodlands Township; providing authority to issue bonds; providing authority to impose assessments and taxes.

TX SB1999

Relating to the calculation of the unused increment rate of a taxing unit.

TX HB2987

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX SB1789

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX HB5363

Relating to the creation of the Jones Avenue Municipal Management District; providing authority to issue bonds; providing authority to impose assessments, fees, and taxes.

Similar Bills

No similar bills found.