82R4609 SMH-F
By: Pitts H.B. No. 2652
A BILL TO BE ENTITLED
AN ACT
relating to the Texas Economic Development Act.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 313.007, Tax Code, is amended to read as
follows:
Sec. 313.007. EXPIRATION. Subchapter B expires
[Subchapters B, C, and D expire] December 31, 2014.
SECTION 2. Section 313.009(a), Tax Code, is amended to read
as follows:
(a) Before the beginning of each regular session of the
legislature, the comptroller shall submit to the lieutenant
governor, the speaker of the house of representatives, and each
member of the legislature a report assessing the progress of each
agreement entered into under this chapter. The report must be
based on data certified to the comptroller by each recipient of a
limitation on appraised value under this chapter and state for each
agreement:
(1) the number of qualifying jobs each recipient of a
limitation on appraised value committed to create;
(2) the number of qualifying jobs each recipient
created;
(3) the median wage of the new jobs each recipient
created;
(4) the amount of the qualified investment each
recipient committed to expend or allocate per project;
(5) the amount of the qualified investment each
recipient expended or allocated per project;
(6) the market value of the qualified property of each
recipient as determined by the applicable chief appraiser;
(7) the limitation on appraised value for the
qualified property of each recipient;
(8) the dollar amount of the taxes that would have been
imposed on the market value of the qualified property if the
property had not received a limitation on appraised value;
(9) the dollar amount of the taxes imposed on the
qualified property;
(10) the number of new jobs created by each recipient
in each sector of the North American Industry Classification
System; [and]
(11) of the number of new jobs each recipient created,
the number of jobs created that provide health benefits for
employees;
(12) an estimate of the tax benefit to be provided to
each recipient under the agreement; and
(13) the estimated total amount of any payments to be
made by each recipient to the applicable school district under the
agreement, including any payments to be made by the recipient to a
foundation or other entity in consideration of the approval of the
agreement by the district.
SECTION 3. Section 313.021(3), Tax Code, is amended to read
as follows:
(3) "Qualifying job" means a permanent full-time job
that:
(A) requires at least 1,600 hours of work a year;
(B) is not transferred from one area in this
state to another area in this state;
(C) is not created to replace a previous
employee;
(D) is covered by a group health benefit plan for
which the business offers to pay at least 80 percent of the premiums
or other charges assessed for employee-only coverage under the
plan, regardless of whether an employee may voluntarily waive the
coverage; [and]
(E) pays at least 110 percent of:
(i) the county average weekly wage for
manufacturing jobs in the county where the job is located; or
(ii) the county average weekly wage for all
jobs in the county where the job is located, if the property owner
creates more than 1,000 jobs in that county;
(F) is based at the qualified property;
(G) is in direct support of an activity described
by Section 313.024(b); and
(H) is subject to a significant degree of control
by the applicant with regard to:
(i) the creation of the job;
(ii) the job description; and
(iii) the job characteristics or the
performance of the job by means of a business, contractual, or
vendor relationship.
SECTION 4. Section 313.022, Tax Code, is amended to read as
follows:
Sec. 313.022. APPLICABILITY; CATEGORIZATION OF SCHOOL
DISTRICTS. (a) This subchapter applies to each school district in
this state [other than a school district to which Subchapter C
applies].
(b) For purposes of determining the required minimum amount
of a qualified investment under Section 313.021(2)(A)(iv)(a), and
the base [minimum] amount of a limitation on appraised value under
Section 313.027(b), school districts [to which this subchapter
applies] are categorized according to the taxable value of property
in the district for the preceding tax year determined under
Subchapter M, Chapter 403, Government Code, as follows:
CATEGORY TAXABLE VALUE OF PROPERTY CATEGORY TAXABLE VALUE OF PROPERTY
CATEGORY TAXABLE VALUE OF PROPERTY
I $10 billion or more I $10 billion or more
I $10 billion or more
II $1 billion or more but less than $10 billion II $1 billion or more but less than $10 billion
II $1 billion or more but less than $10 billion
III $500 million or more but less than $1 billion III $500 million or more but less than $1 billion
III $500 million or more but less than $1 billion
IV $100 million or more but less than $500 million IV $100 million or more but less than $500 million
IV $100 million or more but less than $500 million
V less than $100 million V less than $100 million
V less than $100 million
SECTION 5. Sections 313.024(a) and (b), Tax Code, are
amended to read as follows:
(a) This subchapter applies [and Subchapters C and D apply]
only to property owned by an entity to which Chapter 171 applies.
(b) To be eligible for a limitation on appraised value under
this subchapter, the entity must use the property for the purpose of
[in connection with]:
(1) manufacturing;
(2) research and development;
(3) a clean coal project, as defined by Section 5.001,
Water Code;
(4) an advanced clean energy project, as defined by
Section 382.003, Health and Safety Code;
(5) renewable energy electric generation;
(6) electric power generation using integrated
gasification combined cycle technology;
(7) nuclear electric power generation; or
(8) a computer center primarily used in [connection
with] one or more activities described by Subdivisions (1) through
(7) conducted by the entity.
SECTION 6. Sections 313.025(a-1), (b), (b-1), (c), (d),
(f), and (f-1), Tax Code, are amended to read as follows:
(a-1) If the governing body of the school district elects to
consider the application [Within seven days of the receipt of each
document], the [school] district shall submit to the comptroller a
copy of the application as provided by Subsection (b) [and the
agreement between the applicant and the school district]. If an
economic analysis of the proposed project is submitted to the
school district, the district shall submit a copy of the analysis to
the comptroller. In addition, the school district shall submit to
the comptroller any subsequent revision of or amendment to any of
those documents within seven days of its receipt. The comptroller
shall publish each document received from the school district under
this subsection on the comptroller's Internet website. If the
school district maintains a generally accessible Internet website,
the district shall provide on its website a link to the location of
those documents posted on the comptroller's website in compliance
with this subsection. This subsection does not require the
comptroller to post information that is confidential under Section
313.028.
(b) The governing body of a school district is not required
to consider an application for a limitation on appraised value that
is filed with the governing body under Subsection (a). If the
governing body of the school district does elect to consider an
application, the governing body shall deliver a copy [three copies]
of the application to the comptroller and request that the
comptroller provide an economic impact evaluation of the
application to the school district. Except as provided by
Subsection (b-1), the comptroller shall conduct or contract with a
third person to conduct the evaluation, which shall be completed
and provided to the governing body of the school district as soon as
practicable. The governing body shall provide to the comptroller or
third person any requested information. A methodology to allow
comparisons of economic impact for different schedules of the
addition of qualified investment or qualified property may be
developed as part of the economic impact evaluation. The governing
body shall provide a copy of the evaluation to the applicant on
request. The comptroller may charge and collect a fee sufficient to
cover the costs of providing the economic impact evaluation. The
governing body of a school district shall approve or disapprove an
application not later than the 60th day after the date the governing
body receives a recommendation from the comptroller as to whether
the application should be approved or disapproved, unless the
comptroller has agreed to an extension [before the 151st day after
the date the application is filed, unless the economic impact
evaluation has not been received or an extension is agreed to by the
governing body and the applicant].
(b-1) The comptroller shall [indicate on one copy of the
application the date the comptroller received the application and]
deliver a [that] copy of an application received by the comptroller
to the Texas Education Agency. The Texas Education Agency shall
determine the effect that the applicant's proposal will have on the
number or size of the school district's instructional facilities
and the projected effect on the Foundation School Program of
payments to the district for each year of the agreement [, as
required to be included in the economic impact evaluation by
Section 313.026(a)(9), and submit a written report containing the
agency's determination to the comptroller]. The governing body of
the school district shall provide any requested information to the
Texas Education Agency. Not later than the 45th day after the date
the Texas Education Agency receives the information necessary to
make the determinations required by this subsection [application
indicates that the comptroller received the application], the
agency [Texas Education Agency] shall make the required
determinations [determination] and submit a [the agency's] written
report containing the agency's determinations to the comptroller. A
third person contracted by the comptroller to conduct an economic
impact evaluation of an application is not required to make a
determination that the Texas Education Agency is required to make
and report to the comptroller under this subsection.
(c) In determining whether to grant an application, the
governing body of the school district is entitled to request and
receive assistance from:
(1) the comptroller;
(2) the Texas [Department of] Economic Development and
Tourism Office;
(3) the Texas Workforce Investment Council; and
(4) the Texas Workforce Commission.
(d) Before the later of the 91st day after the date the
comptroller receives the copy of the application or the 46th day
after the date the Texas Education Agency submits to the
comptroller the report required by Subsection (b-1), the
comptroller shall submit a recommendation to the governing body of
the school district as to whether the application should be
approved or disapproved.
(f) The governing body may approve an application only if:
(1) the comptroller submits a recommendation to the
governing body that the application be approved; and
(2) the governing body finds that the information in
the application is true and correct, finds that the applicant is
eligible for the limitation on the appraised value of the person's
qualified property, and determines that granting the application is
in the best interest of the school district and this state.
(f-1) Notwithstanding any other provision of this chapter
to the contrary, including Section 313.003(2) or 313.004(3)(A) or
(B)(iii), the governing body of a school district may waive the new
jobs creation requirement in Section 313.021(2)(A)(iv)(b) [or
313.051(b)] and approve an application if the governing body makes
a finding that the jobs creation requirement exceeds the industry
standard for the number of employees reasonably necessary for the
operation of the facility of the property owner that is described in
the application.
SECTION 7. Section 313.026, Tax Code, is amended to read as
follows:
Sec. 313.026. ECONOMIC IMPACT EVALUATION. (a) The economic
impact evaluation of the application must include the following:
(1) the recommendations of the comptroller;
(2) the name of the school district;
(3) the name of the applicant;
(4) the general nature of the applicant's investment;
(5) the relationship between the applicant's industry
and the types of qualifying jobs to be created by the applicant to
the long-term economic growth [plans] of this state [as described
in the strategic plan for economic development submitted by the
Texas Strategic Economic Development Planning Commission under
Section 481.033, Government Code, as that section existed before
February 1, 1999];
(6) an evaluation of the relative level of the
applicant's investment per qualifying job to be created by the
applicant;
(7) an evaluation of the number of qualifying jobs to
be created by the applicant in comparison with the average number of
jobs created in the applicant's industry for a similar type of
project at a similar level of investment;
(8) an evaluation of the wages, salaries, and benefits
to be offered by the applicant to qualifying job holders;
(9) an evaluation of the ability of the applicant to
locate or relocate in another state or another region of this state;
(10) an evaluation of [the impact the project will
have on this state and individual local units of government,
including:
[(A) tax and other revenue gains, direct or
indirect, that would be realized during the qualifying time period,
the limitation period, and a period of time after the limitation
period considered appropriate by the comptroller; and
[(B) economic effects of the project, including
the impact on jobs and income, during the qualifying time period,
the limitation period, and a period of time after the limitation
period considered appropriate by the comptroller;
[(11)] the economic condition of the region of the
state at the time the person's application is being considered and
the impact of the project on the region;
(11) [(12) the number of new facilities built or
expanded in the region during the two years preceding the date of
the application that were eligible to apply for a limitation on
appraised value under this subchapter;
[(13) the effect of the applicant's proposal, if
approved, on the number or size of the school district's
instructional facilities, as defined by Section 46.001, Education
Code;
[(14)] the projected market value of the qualified
property as certified by [of] the applicant to [as determined by]
the comptroller;
(12) [(15)] the proposed limitation on appraised
value for the qualified property of the applicant;
(13) [(16)] the projected dollar amount of the taxes
that would be imposed on the qualified property, for each year of
the agreement, if the property does not receive a limitation on
appraised value with assumptions of the projected appreciation or
depreciation of the investment and projected tax rates clearly
stated;
(14) [(17)] the projected dollar amount of the taxes
that would be imposed on the qualified property, for each tax year
of the agreement, if the property receives a limitation on
appraised value with assumptions of the projected appreciation or
depreciation of the investment clearly stated; and
(15) [(18)] the projected effect on the Foundation
School Program of payments to the district for each year of the
agreement[;
[(19) the projected future tax credits if the
applicant also applies for school tax credits under Section
313.103; and
[(20) the total amount of taxes projected to be lost or
gained by the district over the life of the agreement computed by
subtracting the projected taxes stated in Subdivision (17) from the
projected taxes stated in Subdivision (16)].
(b) The comptroller's recommendations shall be based on the
criteria listed in Subsections (a)(5)-(15) [(a)(5)-(20)] and on any
other information available to the comptroller, including
information provided by the governing body of the school district
under Section 313.025(b).
SECTION 8. Section 313.0265(b), Tax Code, is amended to
read as follows:
(b) The comptroller shall designate the following as
substantive:
(1) each application requesting a limitation on
appraised value; and
(2) the economic impact evaluation made in connection
with the application[; and
[(3) each application requesting school tax credits
under Section 313.103].
SECTION 9. Section 313.027, Tax Code, is amended by
amending Subsections (a), (b), (c), (h), and (i) and adding
Subsection (j) to read as follows:
(a) If the person's application is approved by the governing
body of the school district, for each of the first eight tax years
that begin after the applicable qualifying time period, the
appraised value for school district maintenance and operations ad
valorem tax purposes of the person's qualified property as
described in the agreement between the person and the district
entered into under this section in the school district may not
exceed the lesser of:
(1) the market value of the property; or
(2) subject to Subsections [Subsection] (b) and (c),
the amount agreed to by the governing body of the school district.
(b) The amount agreed to by the governing body of a school
district under Subsection (a)(2) must be based on an amount in
accordance with the following, according to the category
established by Section 313.022 to which the school district
belongs:
CATEGORY BASE [MINIMUM] AMOUNT OF LIMITATION CATEGORY BASE [MINIMUM] AMOUNT OF LIMITATION
CATEGORY BASE [MINIMUM] AMOUNT OF LIMITATION
I $100 million I $100 million
I $100 million
II $80 million II $80 million
II $80 million
III $60 million III $60 million
III $60 million
IV $40 million IV $40 million
IV $40 million
V $20 million V $20 million
V $20 million
(c) The amount of the appraised value of the property
established in an agreement may not be less than:
(1) for property used for a purpose described by
Section 313.024(b)(1), (2), (3), (4), (6), (7), or (8), the sum of:
(A) the applicable amount listed in Subsection
(b); and
(B) the product of 0.2 and the difference between
the market value of the property as annually determined by the chief
appraiser and the applicable amount listed in Subsection (b); and
(2) for property used for a purpose described by
Section 313.024(b)(5), the sum of:
(A) the applicable amount listed in Subsection
(b); and
(B) the product of 0.5 and the difference between
the market value of the property as annually determined by the chief
appraiser and the applicable amount listed in Subsection (b). [The
limitation amounts listed in Subsection (b) are minimum amounts. A
school district, regardless of category, may agree to a greater
amount than those amounts.]
(h) At any time before the applicant spends an amount that
is considered to be a qualified investment, the governing body of
the school district and the applicant may amend the agreement to
defer the date on which the qualifying time period for the project
is to commence. The commencement of the qualifying time period may
not be deferred to a date later than the second anniversary of the
date the qualifying time period was originally scheduled to end.
[The agreement between the governing body of the school district
and the applicant may provide for a deferral of the date on which
the qualifying time period for the project is to commence or,
subsequent to the date the agreement is entered into, be amended to
provide for such a deferral.] This subsection may not be construed
to permit a qualifying time period that has commenced to continue
for more than the number of years applicable to the project under
Section 313.021(4). Any amount the applicant spends before the
date the qualifying time period commences may not be considered to
be a qualified investment.
(i) A person and the school district may not enter into an
agreement if in conjunction with the agreement any payments or
other benefits are to be provided by or on behalf of the person in
recognition or anticipation of, or in consideration for, the
district entering into the agreement, other than payments or
benefits authorized under Subsection (f)(1) or (2) [under which the
person agrees to provide supplemental payments to a school district
in an amount that exceeds an amount equal to $100 per student per
year in average daily attendance, as defined by Section 42.005,
Education Code, or for a period that exceeds the period beginning
with the period described by Section 313.021(4) and ending with the
period described by Section 313.104(2)(B) of this code. This limit
does not apply to amounts described by Subsection (f)(1) or (2) of
this section].
(j) A school district may not enter into an agreement or an
amendment to an agreement under this section without the prior
approval of the comptroller.
SECTION 10. Section 313.031(a), Tax Code, is amended to
read as follows:
(a) The comptroller shall:
(1) adopt rules and forms necessary for the
implementation and administration of this chapter, including rules
for determining whether a property owner's property qualifies as a
qualified investment under Section 313.021(1); and
(2) provide without charge one copy of the rules and
forms to any school district and to any person who states that the
person intends to apply for a limitation on appraised value under
this subchapter [or a tax credit under Subchapter D].
SECTION 11. Subchapter E, Chapter 313, Tax Code, is amended
to read as follows:
SUBCHAPTER E. AVAILABILITY OF TAX CREDIT AFTER PROGRAM EXPIRES OR
IS REPEALED
Sec. 313.171. SAVING PROVISIONS. (a) A limitation on
appraised value approved under Subchapter B or C before the
expiration of Subchapter B or the repeal of Subchapter C,
respectively, [that subchapter] continues in effect according to
that subchapter as that subchapter existed immediately before its
expiration or repeal, and that law is continued in effect for
purposes of the limitation on appraised value.
(b) The repeal [expiration] of Subchapter D does not affect
a property owner's entitlement to a tax credit granted under
Subchapter D if the property owner qualified for the tax credit
before the repeal [expiration] of Subchapter D.
SECTION 12. Section 42.2515, Education Code, is amended by
amending Subsection (a) and adding Subsection (a-1) to read as
follows:
(a) For each school year, a school district, including a
school district that is otherwise ineligible for state aid under
this chapter, is entitled to state aid in an amount equal to the
amount of all tax credits credited against ad valorem taxes of the
district in that year under former Subchapter D, Chapter 313, Tax
Code.
(a-1) Not later than December 1 of each year, the
commissioner of education shall submit to the comptroller an
estimate of the total amount of additional state aid to which a
school district is entitled under this section for the school year
beginning in that year.
SECTION 13. Section 42.302(e), Education Code, is amended
to read as follows:
(e) For purposes of this section, school district taxes for
which credit is granted under former Subchapter D, Chapter 313, Tax
Code, are considered taxes collected by the school district as if
the taxes were paid when the credit for the taxes was granted.
SECTION 14. Section 403.302(d), Government Code, as amended
by Chapters 1186 (H.B. 3676) and 1328 (H.B. 3646), Acts of the 81st
Legislature, Regular Session, 2009, is reenacted and amended to
read as follows:
(d) For the purposes of this section, "taxable value" means
the market value of all taxable property less:
(1) the total dollar amount of any residence homestead
exemptions lawfully granted under Section 11.13(b) or (c), Tax
Code, in the year that is the subject of the study for each school
district;
(2) one-half of the total dollar amount of any
residence homestead exemptions granted under Section 11.13(n), Tax
Code, in the year that is the subject of the study for each school
district;
(3) the total dollar amount of any exemptions granted
before May 31, 1993, within a reinvestment zone under agreements
authorized by Chapter 312, Tax Code;
(4) subject to Subsection (e), the total dollar amount
of any captured appraised value of property that:
(A) is within a reinvestment zone created on or
before May 31, 1999, or is proposed to be included within the
boundaries of a reinvestment zone as the boundaries of the zone and
the proposed portion of tax increment paid into the tax increment
fund by a school district are described in a written notification
provided by the municipality or the board of directors of the zone
to the governing bodies of the other taxing units in the manner
provided by Section 311.003(e), Tax Code, before May 31, 1999, and
within the boundaries of the zone as those boundaries existed on
September 1, 1999, including subsequent improvements to the
property regardless of when made;
(B) generates taxes paid into a tax increment
fund created under Chapter 311, Tax Code, under a reinvestment zone
financing plan approved under Section 311.011(d), Tax Code, on or
before September 1, 1999; and
(C) is eligible for tax increment financing under
Chapter 311, Tax Code;
(5) the total dollar amount of any captured appraised
value of property that:
(A) is within a reinvestment zone:
(i) created on or before December 31, 2008,
by a municipality with a population of less than 18,000; and
(ii) the project plan for which includes
the alteration, remodeling, repair, or reconstruction of a
structure that is included on the National Register of Historic
Places and requires that a portion of the tax increment of the zone
be used for the improvement or construction of related facilities
or for affordable housing;
(B) generates school district taxes that are paid
into a tax increment fund created under Chapter 311, Tax Code; and
(C) is eligible for tax increment financing under
Chapter 311, Tax Code;
(6) the total dollar amount of any exemptions granted
under Section 11.251 or 11.253, Tax Code;
(7) the difference between the comptroller's estimate
of the market value and the productivity value of land that
qualifies for appraisal on the basis of its productive capacity,
except that the productivity value estimated by the comptroller may
not exceed the fair market value of the land;
(8) the portion of the appraised value of residence
homesteads of individuals who receive a tax limitation under
Section 11.26, Tax Code, on which school district taxes are not
imposed in the year that is the subject of the study, calculated as
if the residence homesteads were appraised at the full value
required by law;
(9) a portion of the market value of property not
[otherwise fully] taxable by the district for maintenance and
operations tax purposes as the result of an agreement entered into
by the district under Subchapter B or C, Chapter 313, Tax Code,
before the expiration or repeal, respectively, of the subchapter,
as adjusted by the comptroller using the ratio of the maintenance
and operations tax rate to the total tax rate adopted by the
district [at market value because of:
[(A) action required by statute or the
constitution of this state that, if the tax rate adopted by the
district is applied to it, produces an amount equal to the
difference between the tax that the district would have imposed on
the property if the property were fully taxable at market value and
the tax that the district is actually authorized to impose on the
property, if this subsection does not otherwise require that
portion to be deducted; or
[(B) action taken by the district under
Subchapter B or C, Chapter 313, Tax Code, before the expiration of
the subchapter];
(10) the market value of all tangible personal
property, other than manufactured homes, owned by a family or
individual and not held or used for the production of income;
(11) the appraised value of property the collection of
delinquent taxes on which is deferred under Section 33.06, Tax
Code;
(12) the portion of the appraised value of property
the collection of delinquent taxes on which is deferred under
Section 33.065, Tax Code; [and]
(13) the amount by which the market value of a
residence homestead to which Section 23.23, Tax Code, applies
exceeds the appraised value of that property as calculated under
that section; and
(14) the total dollar amount of any exemptions granted
by the district because of action required by statute or the
constitution of this state and not included as a deduction
elsewhere in this subsection.
SECTION 15. Section 403.302(m), Government Code, as added
by Chapter 1186 (H.B. 3676), Acts of the 81st Legislature, Regular
Session, 2009, is amended to conform to Section 80, Chapter 1328
(H.B. 3646), Acts of the 81st Legislature, Regular Session, 2009,
to read as follows:
(m) Subsection (d)(9) [(d)(10)] does not apply to property
that was the subject of an application under Subchapter B or C,
Chapter 313, Tax Code, made after May 1, 2009, that the comptroller
recommended should be disapproved.
SECTION 16. Section 403.302, Government Code, is amended by
adding Subsection (p) to read as follows:
(p) Notwithstanding Subsection (d)(9), if the estimated
statewide levy loss exceeds $___ million in any year, the
comptroller shall reduce the amount of the deduction under
Subsection (d)(9) from the market value of the taxable property in
each school district for that year based on the proportion that the
amount of the deduction under that subsection for each school
district bears to the estimated statewide levy loss so that the
estimated statewide levy loss does not exceed $___ in that year.
For purposes of this subsection, "estimated statewide levy loss"
means the amount computed by:
(1) multiplying the amount deducted under Subsection
(d)(9) for each school district in this state for that year by the
quotient of the adopted tax rate of the district for that year
divided by 100;
(2) adding the amounts computed under Subdivision (1)
for all of the school districts in this state; and
(3) adding the amounts estimated by the commissioner
of education and submitted to the comptroller under Section
42.2515(a-1), Education Code, for all of the school districts in
this state for that year to the amount computed under Subdivision
(2).
SECTION 17. The following provisions of the Tax Code are
repealed:
(1) Sections 313.008, 313.025(d-1) and (g), and
313.032; and
(2) Subchapters C and D, Chapter 313.
SECTION 18. To the extent of any conflict, this Act prevails
over another Act of the 82nd Legislature, Regular Session, 2011,
relating to nonsubstantive additions to and corrections in enacted
codes.
SECTION 19. Chapter 313, Tax Code, as amended by this Act,
applies only to an agreement entered into under that chapter on or
after the effective date of this Act. An agreement entered into
under that chapter before the effective date of this Act is governed
by the law in effect on the date the agreement was entered into, and
the former law is continued in effect for that purpose.
SECTION 20. 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, 2011.
CATEGORY TAXABLE VALUE OF PROPERTY
I $10 billion or more
II $1 billion or more but less than $10 billion
III $500 million or more but less than $1 billion
IV $100 million or more but less than $500 million
V less than $100 million
CATEGORY BASE [MINIMUM] AMOUNT OF LIMITATION
I $100 million
II $80 million
III $60 million
IV $40 million
V $20 million