Texas House Bill HB499

Texas 2019 - 86th Regular

Caption

Relating to the extension of the expiration date of the Property Redevelopment and Tax Abatement Act.

Impact

The passage of HB 499 would directly influence state laws pertaining to property tax incentives and local redevelopment efforts. By extending the expiration date, the bill would maintain opportunities for businesses and developers to engage in projects that improve property values and stimulate local economies through tax abatements. This could help sustain momentum in local redevelopment efforts and ensure ongoing financial incentives for attracting new businesses and housing developments.

Summary

House Bill 499 proposes an extension of the expiration date of the Property Redevelopment and Tax Abatement Act from September 1, 2019, to September 1, 2029. This bill is centered around the need to continue providing tax flow exemptions and incentives for property redevelopment projects that involve significant investment in local communities. The goal is to bolster economic growth and attract investments aimed at revitalizing underdeveloped or economically distressed areas within the state of Texas.

Contention

While some lawmakers and stakeholders support the bill for its potential economic benefits, there are concerns about its implications. Critics may argue that tax abatement initiatives can sometimes lead to budget shortfalls for municipalities, as they eliminate potential property tax revenue. Additionally, there may be discussions around whether these incentives genuinely lead to sustainable development or simply benefit specific developers at the expense of broader community needs.