LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION May 17, 2011 TO: Honorable Tommy Williams, Chair, Senate Committee on Transportation & Homeland Security FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB629 by Pickett (Relating to the use of municipal or county sales tax increment financing for a transportation reinvestment zone.), As Engrossed No fiscal implication to the State is anticipated. The bill would amend the Transportation Code to authorize the governing body of a municipality or a county to designate an area as a transportation reinvestment zone and establish a tax increment account. The municipality or county would be allowed to use a portion of tax increment generated from sales and use taxes imposed for deposit into a tax increment account and could use those funds to pay for authorized projects, tax increment bonds, notes or other obligations, but not for property tax reduction or computation of a county tax rate. The bill would allow the governing body of a municipality or a county to authorize the comptroller to withhold from any payment into the account, amounts due that are related to the transportation reinvestment zone. The bill would require the governing body of a municipality or county to hold a public hearing not later than the 30th day before proposing to designate a portion or amount of sales tax increment under Subsection (b), and not later than the seventh day before the date of the hearing, publish a notice of the hearing in a newspaper with general circulation in the county or municipality. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts LBB Staff: JOB, KJG, TP
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
May 17, 2011
TO: Honorable Tommy Williams, Chair, Senate Committee on Transportation & Homeland Security FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB629 by Pickett (Relating to the use of municipal or county sales tax increment financing for a transportation reinvestment zone.), As Engrossed
TO: Honorable Tommy Williams, Chair, Senate Committee on Transportation & Homeland Security
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HB629 by Pickett (Relating to the use of municipal or county sales tax increment financing for a transportation reinvestment zone.), As Engrossed
Honorable Tommy Williams, Chair, Senate Committee on Transportation & Homeland Security
Honorable Tommy Williams, Chair, Senate Committee on Transportation & Homeland Security
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
HB629 by Pickett (Relating to the use of municipal or county sales tax increment financing for a transportation reinvestment zone.), As Engrossed
HB629 by Pickett (Relating to the use of municipal or county sales tax increment financing for a transportation reinvestment zone.), As Engrossed
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend the Transportation Code to authorize the governing body of a municipality or a county to designate an area as a transportation reinvestment zone and establish a tax increment account. The municipality or county would be allowed to use a portion of tax increment generated from sales and use taxes imposed for deposit into a tax increment account and could use those funds to pay for authorized projects, tax increment bonds, notes or other obligations, but not for property tax reduction or computation of a county tax rate. The bill would allow the governing body of a municipality or a county to authorize the comptroller to withhold from any payment into the account, amounts due that are related to the transportation reinvestment zone. The bill would require the governing body of a municipality or county to hold a public hearing not later than the 30th day before proposing to designate a portion or amount of sales tax increment under Subsection (b), and not later than the seventh day before the date of the hearing, publish a notice of the hearing in a newspaper with general circulation in the county or municipality.
The bill would amend the Transportation Code to authorize the governing body of a municipality or a county to designate an area as a transportation reinvestment zone and establish a tax increment account. The municipality or county would be allowed to use a portion of tax increment generated from sales and use taxes imposed for deposit into a tax increment account and could use those funds to pay for authorized projects, tax increment bonds, notes or other obligations, but not for property tax reduction or computation of a county tax rate. The bill would allow the governing body of a municipality or a county to authorize the comptroller to withhold from any payment into the account, amounts due that are related to the transportation reinvestment zone.
The bill would require the governing body of a municipality or county to hold a public hearing not later than the 30th day before proposing to designate a portion or amount of sales tax increment under Subsection (b), and not later than the seventh day before the date of the hearing, publish a notice of the hearing in a newspaper with general circulation in the county or municipality.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: JOB, KJG, TP
JOB, KJG, TP