| 4 | 6 | | AN ACT |
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| 5 | 7 | | relating to the reassignment of the carryforward designation of |
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| 6 | 8 | | certain private activity bonds. |
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| 7 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 10 | | SECTION 1. Section 1372.061(b), Government Code, is amended |
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| 9 | 11 | | to read as follows: |
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| 10 | 12 | | (b) The board shall designate as carryforward: |
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| 11 | 13 | | (1) a reservation amount for which the board receives |
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| 12 | 14 | | written notice from an issuer of an election to carry forward the |
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| 13 | 15 | | reservation under Section 1372.042(c) if the bonds relating to the |
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| 14 | 16 | | reservation are not required to close by December 31 of the year in |
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| 15 | 17 | | which the reservation was granted; or |
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| 16 | 18 | | (2) an amount previously designated as carryforward |
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| 17 | 19 | | under Subsection (a) for which the board receives written notice |
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| 18 | 20 | | from an issuer of an election to reassign the carryforward |
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| 19 | 21 | | designation under Section 1372.074. |
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| 20 | 22 | | SECTION 2. Sections 1372.074(a) and (b), Government Code, |
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| 21 | 23 | | are amended to read as follows: |
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| 22 | 24 | | (a) After one year from the initial carryforward |
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| 23 | 25 | | designation, an issuer may elect to reassign all or part of the |
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| 24 | 26 | | carryforward designation in accordance with Section 1372.061(b) to |
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| 25 | 27 | | the issuer's next available application for a project [a new |
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| 26 | 28 | | project] if the issuer provides: |
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| 27 | 29 | | (1) [the designation on a form described by Section |
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| 28 | 30 | | 1372.070; |
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| 29 | 31 | | [(2)] a written withdrawal request signed by an |
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| 30 | 32 | | authorized representative of the issuer; |
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| 31 | 33 | | (2) [(3)] the issuing board resolution authorizing |
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| 32 | 34 | | the carryforward designation reassignment with an original |
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| 33 | 35 | | signature by an officer of the issuer; |
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| 34 | 36 | | (3) [(4)] applicable fees under Section 1372.006; |
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| 35 | 37 | | (4) [(5)] an opinion of legal counsel stating that the |
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| 36 | 38 | | carryforward designation reassignment does not conflict with |
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| 37 | 39 | | Section 146, Internal Revenue Code of 1986; and |
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| 38 | 40 | | (5) [(6)] any other information required by the board. |
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| 39 | 41 | | (b) A [new] project that is reassigned a carryforward |
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| 40 | 42 | | designation under this section must close within the time period |
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| 41 | 43 | | allowed by the Internal Revenue Code of 1986. |
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| 42 | 44 | | SECTION 3. This Act takes effect September 1, 2021. |
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| 43 | | - | ______________________________ ______________________________ |
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| 44 | | - | President of the Senate Speaker of the House |
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| 45 | | - | I hereby certify that S.B. No. 1984 passed the Senate on |
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| 46 | | - | May 13, 2021, by the following vote: Yeas 30, Nays 0. |
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| 47 | | - | ______________________________ |
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| 48 | | - | Secretary of the Senate |
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| 49 | | - | I hereby certify that S.B. No. 1984 passed the House on |
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| 50 | | - | May 26, 2021, by the following vote: Yeas 115, Nays 32, two |
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| 51 | | - | present not voting. |
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| 52 | | - | ______________________________ |
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| 53 | | - | Chief Clerk of the House |
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| 54 | | - | Approved: |
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| 55 | | - | ______________________________ |
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| 56 | | - | Date |
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| 57 | | - | ______________________________ |
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| 58 | | - | Governor |
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