By: Isaac H.B. No. 3776
A BILL TO BE ENTITLED
AN ACT
Relating to consideration of payments made in lieu of ad valorem
taxes.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 41.093, Education Code, is amended by
amending Subsection (a) and adding Subsection (b-2) to read as
follows:
(a) Subject to Subsections [Subsection] (b-1) and (b-2),
the cost of each credit is an amount equal to the greater of:
(1) the amount of the district's maintenance and
operations tax revenue per student in weighted average daily
attendance for the school year for which the contract is executed;
or
(2) the amount of the statewide district average of
maintenance and operations tax revenue per student in weighted
average daily attendance for the school year preceding the school
year for which the contract is executed.
(b-2) In this subsection, "payments in lieu of taxes" means
amounts that are paid to a school district by the owner of property
exempt from ad valorem taxation who receives an allocation of low
income housing tax credits from the Texas Department of Housing and
Community Affairs under Subchapter DD, Chapter 2306, Government
C
ode, in connection with development of the property. The
commissioner, in computing the amounts described by Subsections
(a)(1) and (2) and determining the cost of an attendance credit,
shall include payments in lieu of taxes as if the payments were
maintenance and operations tax revenue. The commissioner may adopt
rules necessary to implement this subsection.
SECTION 2. This Act takes effect September 1, 2013.