By: Watson S.B. No. 1658
A BILL TO BE ENTITLED
AN ACT
relating to a study and report on the feasibility, methods, and
costs of establishing a Texas low income housing tax credit
program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. DEFINITION. In this Act, "department" means the
Texas Department of Housing and Community Affairs.
SECTION 2. STUDY. (a) The department shall conduct a
study to evaluate the feasibility, methods, and costs of
establishing a low income housing tax credit program for the state
of Texas.
(b) In conducting the study under Subsection (a) of this
section, the department shall:
(1) evaluate and identify sources available to fund
the program described by Subsection (a) of this section;
(2) evaluate the methods other states use for such
programs and identify what methods produce the greatest number of
affordable housing units;
(3) consider varying levels of funding for such a
program and determine the number of affordable housing units these
levels of funding would provide to the market;
(4) evaluate the tax savings that would be realized by
Texas businesses through the sale or exchange of the low income
housing tax credits; and
(5) identify the state entities best positioned to
implement and administer such a program in an efficient manner.
SECTION 3. REPORT. Not later than September 1, 2016, the
department shall submit to the legislature a written report
containing the findings of the study conducted under this Act and
the department's recommendations for any legislation or other
actions necessary to implement the program described by Section 2
of this Act.
SECTION 4. The Office of Texas Comptroller of Public
Accounts shall assist the department to the extent it is necessary
to carry out the duty of Section 2(b). This assistance shall be
rendered at the request of the department.
SECTION 5. EXPIRATION. This Act expires September 1, 2017.
SECTION 6. EFFECTIVE DATE. 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, 2015.