83R8243 TJB-F
By: Ritter H.B. No. 3235
A BILL TO BE ENTITLED
AN ACT
relating to the authority of a municipality or county to designate
an area as a reinvestment zone for purposes of tax increment
financing.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 311.005, Tax Code, is amended by adding
Subsection (a-2) to read as follows:
(a-2) Notwithstanding Subsection (a), the governing body of
a municipality or county may designate an area as a reinvestment
zone if the proposed project plan for the zone includes the
construction of a new reservoir recommended by the 2012 State Water
Plan adopted by the Texas Water Development Board under Section
16.051(a), Water Code, that will have a storage capacity of 5,000
acre-feet or more.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2013.