84R2781 TJB-D
By: Dutton H.B. No. 752
A BILL TO BE ENTITLED
AN ACT
relating to the eligibility of property used for affordable housing
for ad valorem tax benefits under the Texas Economic Development
Act.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 313.024(b), Tax Code, is amended to read
as follows:
(b) To be eligible for a limitation on appraised value under
this subchapter, the entity must use the property for:
(1) manufacturing;
(2) research and development;
(3) a clean coal project, as defined by Section 5.001,
Water Code;
(4) an advanced clean energy project, as defined by
Section 382.003, Health and Safety Code;
(5) renewable energy electric generation;
(6) electric power generation using integrated
gasification combined cycle technology;
(7) nuclear electric power generation;
(8) a computer center primarily used in connection
with one or more activities described by Subdivisions (1) through
(7) conducted by the entity; [or]
(9) a Texas priority project; or
(10) affordable housing.
SECTION 2. Section 313.024(e), Tax Code, is amended by
adding Subdivision (8) to read as follows:
(8) "Affordable housing" means housing that is owned
for the purpose of renting the housing to individuals or families
whose median income is not more than 70 percent of the area median
family income for the household's place of residence, as adjusted
for family size and as established by the United States Department
of Housing and Urban Development.
SECTION 3. The changes in law made by this Act apply only to
an agreement entered into under Chapter 313, Tax Code, on or after
the effective date of this Act. An agreement entered into under
that chapter before the effective date of this Act is governed by
the law in effect on the date the agreement was entered into, and
the former law is continued in effect for that purpose.
SECTION 4. This Act takes effect September 1, 2015.