By: Frullo, Perry (Senate Sponsor - Duncan) H.B. No. 2636
(In the Senate - Received from the House May 9, 2013;
May 10, 2013, read first time and referred to Committee on Finance;
May 20, 2013, reported favorably by the following vote:
Yeas 13, Nays 1; May 20, 2013, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
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.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 311.014, Tax Code, is amended by adding
Subsection (f) to read as follows:
(f) Money in the tax increment fund for a reinvestment zone
may be transferred to the tax increment fund for an adjacent zone
if:
(1) the taxing units that participate in the zone from
which the money is to be transferred participate in the adjacent
zone and vice versa;
(2) each participating taxing unit has agreed to
deposit the same portion of its tax increment in the fund for each
zone;
(3) each participating taxing unit has agreed to the
transfer; and
(4) the holders of any tax increment bonds or notes
issued for the zone from which the money is to be transferred have
agreed to the transfer.
SECTION 2. This Act takes effect September 1, 2013.
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