| Old | New | Differences | |
|---|---|---|---|
| 1 | + | 89R9927 CJD-F | |
| 1 | 2 | By: Hinojosa of Hidalgo S.B. No. 1250 | |
| 2 | - | (In the Senate - Filed February 12, 2025; February 28, 2025, | |
| 3 | - | read first time and referred to Committee on Economic Development; | |
| 4 | - | April 28, 2025, reported adversely, with favorable Committee | |
| 5 | - | Substitute by the following vote: Yeas 5, Nays 0; April 28, 2025, | |
| 6 | - | sent to printer.) | |
| 7 | - | Click here to see the committee vote | |
| 8 | - | COMMITTEE SUBSTITUTE FOR S.B. No. 1250 By: Sparks | |
| 9 | 3 | ||
| 10 | 4 | ||
| 11 | 5 | ||
| 12 | 6 | ||
| 13 | 7 | A BILL TO BE ENTITLED | |
| 14 | 8 | AN ACT | |
| 15 | 9 | relating to the definition of a project financing zone for the | |
| 16 | 10 | purposes of certain municipalities that use certain tax revenue to | |
| 17 | 11 | fund convention center facilities, multipurpose arenas, venues, | |
| 18 | 12 | and related infrastructure. | |
| 19 | 13 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 20 | 14 | SECTION 1. Section 351.1015(a)(4), Tax Code, is amended to | |
| 21 | 15 | read as follows: | |
| 22 | 16 | (4) "Project financing zone" means an area within a | |
| 23 | 17 | municipality: | |
| 24 | 18 | (A) that the municipality by ordinance or by | |
| 25 | 19 | agreement under Chapter 380, Local Government Code, designates as a | |
| 26 | 20 | project financing zone; | |
| 27 | 21 | (B) the boundaries of which are: | |
| 28 | 22 | (i) within a three-mile radius of the | |
| 29 | 23 | center of a qualified project; or | |
| 30 | 24 | (ii) if designated by a municipality | |
| 31 | - | described by Section 351.001(7)(B) on or before December 31, 2024, | |
| 32 | - | a continuous geographic area the total area of which is less than or | |
| 33 | - | equal to the maximum area allowed under Subparagraph (i) that | |
| 34 | - | contains the qualified project; | |
| 25 | + | described by Section 351.001(7)(B), a contiguous geographic area | |
| 26 | + | the total area of which is less than or equal to the maximum area | |
| 27 | + | allowed under Subparagraph (i) that contains the qualified project; | |
| 35 | 28 | (C) the designation of which specifies: | |
| 36 | 29 | (i) for a zone the boundaries of which are | |
| 37 | 30 | prescribed by Paragraph (B)(i), the longitude and latitude of the | |
| 38 | 31 | center of the qualified project; or | |
| 39 | 32 | (ii) for a zone the boundaries of which are | |
| 40 | 33 | prescribed by Paragraph (B)(ii), the exact boundaries of the zone; | |
| 41 | 34 | and | |
| 42 | 35 | (D) the designation of which expires not later | |
| 43 | 36 | than the 30th anniversary of the date of designation. | |
| 44 | 37 | SECTION 2. This Act takes effect September 1, 2025. | |
| 45 | - | * * * * * |