| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Frullo, Perry (Senate Sponsor - Duncan) H.B. No. 2636 | |
| 2 | 2 | (In the Senate - Received from the House May 9, 2013; | |
| 3 | 3 | May 10, 2013, read first time and referred to Committee on Finance; | |
| 4 | 4 | May 20, 2013, reported favorably by the following vote: | |
| 5 | 5 | Yeas 13, Nays 1; May 20, 2013, sent to printer.) | |
| 6 | 6 | ||
| 7 | 7 | ||
| 8 | 8 | A BILL TO BE ENTITLED | |
| 9 | 9 | AN ACT | |
| 10 | 10 | relating to the transfer of money from the tax increment fund | |
| 11 | 11 | established for a tax increment financing reinvestment zone to the | |
| 12 | 12 | fund established for an adjacent zone. | |
| 13 | 13 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 14 | 14 | SECTION 1. Section 311.014, Tax Code, is amended by adding | |
| 15 | 15 | Subsection (f) to read as follows: | |
| 16 | 16 | (f) Money in the tax increment fund for a reinvestment zone | |
| 17 | 17 | may be transferred to the tax increment fund for an adjacent zone | |
| 18 | 18 | if: | |
| 19 | 19 | (1) the taxing units that participate in the zone from | |
| 20 | 20 | which the money is to be transferred participate in the adjacent | |
| 21 | 21 | zone and vice versa; | |
| 22 | 22 | (2) each participating taxing unit has agreed to | |
| 23 | 23 | deposit the same portion of its tax increment in the fund for each | |
| 24 | 24 | zone; | |
| 25 | 25 | (3) each participating taxing unit has agreed to the | |
| 26 | 26 | transfer; and | |
| 27 | 27 | (4) the holders of any tax increment bonds or notes | |
| 28 | 28 | issued for the zone from which the money is to be transferred have | |
| 29 | 29 | agreed to the transfer. | |
| 30 | 30 | SECTION 2. This Act takes effect September 1, 2013. | |
| 31 | 31 | * * * * * |