87R9474 SMH-F
By: Morrison H.B. No. 3040
A BILL TO BE ENTITLED
AN ACT
relating to the continuation and application of the Texas Economic
Development Act.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 313.007, Tax Code, is amended to read as
follows:
Sec. 313.007. EXPIRATION. Subchapters B and C expire
December 31, 2032 [2022].
SECTION 2. 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;
(10) an aquifer storage and recovery project;
(11) a seawater desalination project;
(12) a project to treat fluid oil and gas waste for a
subsequent beneficial use; or
(13) an interregional water supply project.
SECTION 3. Section 313.024(e), Tax Code, is amended by
adding Subdivisions (10), (11), (12), and (13) to read as follows:
(10) "Aquifer storage and recovery project" has the
meaning assigned by Section 27.151, Water Code.
(11) "Seawater desalination project" means a project
to divert state water from the Gulf of Mexico or a bay or arm of the
Gulf of Mexico for desalination and use for industrial purposes.
(12) "Fluid oil and gas waste" has the meaning
assigned by Section 122.001, Natural Resources Code.
(13) "Interregional water supply project" means a
water supply project that benefits multiple water planning regions.
SECTION 4. 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, 2021.