| 1 | 1 | | By: Watson S.B. No. 1658 |
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| 2 | 2 | | (In the Senate - Filed March 13, 2015; March 23, 2015, read |
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| 3 | 3 | | first time and referred to Committee on Intergovernmental |
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| 4 | 4 | | Relations; May 12, 2015, reported adversely, with favorable |
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| 5 | 5 | | Committee Substitute by the following vote: Yeas 5, Nays 2; |
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| 6 | 6 | | May 12, 2015, sent to printer.) |
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| 7 | 7 | | Click here to see the committee vote |
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| 8 | 8 | | COMMITTEE SUBSTITUTE FOR S.B. No. 1658 By: Lucio |
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| 9 | 9 | | |
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| 10 | 10 | | |
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| 11 | 11 | | A BILL TO BE ENTITLED |
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| 12 | 12 | | AN ACT |
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| 13 | 13 | | relating to a study and report on the establishment of a franchise |
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| 14 | 14 | | tax credit for the development of low income housing. |
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| 15 | 15 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 16 | 16 | | SECTION 1. (a) In this Act, "department" means the Texas |
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| 17 | 17 | | Department of Housing and Community Affairs. |
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| 18 | 18 | | (b) The department shall conduct a study to evaluate the |
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| 19 | 19 | | feasibility, methods, and costs of establishing a franchise tax |
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| 20 | 20 | | credit for the development of low income housing. |
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| 21 | 21 | | (c) In conducting the study, the department shall: |
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| 22 | 22 | | (1) evaluate and identify any sources of funding that |
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| 23 | 23 | | might be available to cover the probable cost of the credit; |
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| 24 | 24 | | (2) evaluate methods that have been implemented by |
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| 25 | 25 | | other states to provide a similar tax credit for the development of |
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| 26 | 26 | | low income housing and identify the method or methods that have |
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| 27 | 27 | | resulted in the greatest increase in the number of affordable |
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| 28 | 28 | | housing units; |
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| 29 | 29 | | (3) consider potential credit amounts and estimate: |
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| 30 | 30 | | (A) the number of affordable housing units that |
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| 31 | 31 | | would result from each credit amount; and |
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| 32 | 32 | | (B) the probable cost of each credit amount; |
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| 33 | 33 | | (4) estimate any tax savings to businesses that would |
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| 34 | 34 | | result if the credit could be sold or exchanged; and |
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| 35 | 35 | | (5) identify the state agency or agencies that could |
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| 36 | 36 | | most efficiently implement and administer the credit. |
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| 37 | 37 | | (d) The comptroller of public accounts shall assist the |
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| 38 | 38 | | department in conducting the study at the department's request. |
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| 39 | 39 | | (e) Not later than September 1, 2016, the department shall |
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| 40 | 40 | | submit to the legislature a written report on the results of the |
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| 41 | 41 | | study and any recommendations for legislative or other action. |
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| 42 | 42 | | (f) This Act expires September 1, 2017. |
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| 43 | 43 | | SECTION 2. This Act takes effect immediately if it receives |
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| 44 | 44 | | a vote of two-thirds of all the members elected to each house, as |
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| 45 | 45 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 46 | 46 | | Act does not receive the vote necessary for immediate effect, this |
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| 47 | 47 | | Act takes effect September 1, 2015. |
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| 48 | 48 | | * * * * * |
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