By: Sheffield (Senate Sponsor - Fraser) H.B. No. 3465
(In the Senate - Received from the House April 27, 2011;
May 3, 2011, read first time and referred to Committee on Economic
Development; May 13, 2011, reported favorably by the following
vote: Yeas 6, Nays 0; May 13, 2011, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to the period for which a school district's participation
in certain tax increment financing reinvestment zones may be taken
into account in determining the total taxable value of property in
the school district.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 403.302, Government Code, is amended by
adding Subsection (e-1) to read as follows:
(e-1) This subsection applies only to a reinvestment zone
created by a municipality that has a population of 70,000 or less
and is located in a county in which all or part of a military
installation is located. Notwithstanding Subsection (e), if on or
after January 1, 2017, the municipality adopts an ordinance
designating a termination date for the zone that is later than the
termination date designated in the ordinance creating the zone, the
number of years for which the total dollar amount may be deducted
under Subsection (d)(4) is limited to the duration of the zone as
determined under Section 311.017, Tax Code.
SECTION 2. This Act takes effect September 1, 2011.
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