LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION May 13, 2013 TO: Honorable Tommy Williams, Chair, Senate Committee on Finance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2636 by Frullo (Relating to the transfer of money from the tax increment fund established for a tax increment financing reinvestment zone to the fund established for an adjacent zone.), As Engrossed No fiscal implication to the State is anticipated. This bill would amend Chapter 311, Tax Code (the Tax Increment Financing Act). The bill would take effect September 1, 2013. Local Government Impact A new Subsection (f) would be added to Section 311.014 to provide that money may be transferred between tax increment funds of adjacent reinvestment zones if the taxing units participating in each zone are the same, if each participating taxing unit has agreed to deposit the same portion of its tax increment in the fund for each zone, if each participating taxing unit agrees to the transfer, and if the holders of any tax increment bonds or notes issued for the zone from which money is to be transferred have agreed to the transfer. The bill provides only for transfers of money between funds of the same taxing units and thus would have no revenue implications. Source Agencies:304 Comptroller of Public Accounts LBB Staff: UP, KK, SD
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
May 13, 2013
TO: Honorable Tommy Williams, Chair, Senate Committee on Finance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2636 by Frullo (Relating to the transfer of money from the tax increment fund established for a tax increment financing reinvestment zone to the fund established for an adjacent zone.), As Engrossed
TO: Honorable Tommy Williams, Chair, Senate Committee on Finance
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB2636 by Frullo (Relating to the transfer of money from the tax increment fund established for a tax increment financing reinvestment zone to the fund established for an adjacent zone.), As Engrossed
Honorable Tommy Williams, Chair, Senate Committee on Finance
Honorable Tommy Williams, Chair, Senate Committee on Finance
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB2636 by Frullo (Relating to the transfer of money from the tax increment fund established for a tax increment financing reinvestment zone to the fund established for an adjacent zone.), As Engrossed
HB2636 by Frullo (Relating to the transfer of money from the tax increment fund established for a tax increment financing reinvestment zone to the fund established for an adjacent zone.), As Engrossed
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
This bill would amend Chapter 311, Tax Code (the Tax Increment Financing Act). The bill would take effect September 1, 2013.
This bill would amend Chapter 311, Tax Code (the Tax Increment Financing Act).
The bill would take effect September 1, 2013.
Local Government Impact
A new Subsection (f) would be added to Section 311.014 to provide that money may be transferred between tax increment funds of adjacent reinvestment zones if the taxing units participating in each zone are the same, if each participating taxing unit has agreed to deposit the same portion of its tax increment in the fund for each zone, if each participating taxing unit agrees to the transfer, and if the holders of any tax increment bonds or notes issued for the zone from which money is to be transferred have agreed to the transfer. The bill provides only for transfers of money between funds of the same taxing units and thus would have no revenue implications.
A new Subsection (f) would be added to Section 311.014 to provide that money may be transferred between tax increment funds of adjacent reinvestment zones if the taxing units participating in each zone are the same, if each participating taxing unit has agreed to deposit the same portion of its tax increment in the fund for each zone, if each participating taxing unit agrees to the transfer, and if the holders of any tax increment bonds or notes issued for the zone from which money is to be transferred have agreed to the transfer.
The bill provides only for transfers of money between funds of the same taxing units and thus would have no revenue implications.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: UP, KK, SD
UP, KK, SD