By: Hinojosa of Hidalgo S.B. No. 1250
(In the Senate - Filed February 12, 2025; February 28, 2025,
read first time and referred to Committee on Economic Development;
April 28, 2025, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 5, Nays 0; April 28, 2025,
sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 1250 By: Sparks
A BILL TO BE ENTITLED
AN ACT
relating to the definition of a project financing zone for the
purposes of certain municipalities that use certain tax revenue to
fund convention center facilities, multipurpose arenas, venues,
and related infrastructure.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 351.1015(a)(4), Tax Code, is amended to
read as follows:
(4) "Project financing zone" means an area within a
municipality:
(A) that the municipality by ordinance or by
agreement under Chapter 380, Local Government Code, designates as a
project financing zone;
(B) the boundaries of which are:
(i) within a three-mile radius of the
center of a qualified project; or
(ii) if designated by a municipality
described by Section 351.001(7)(B) on or before December 31, 2024,
a continuous geographic area the total area of which is less than or
equal to the maximum area allowed under Subparagraph (i) that
contains the qualified project;
(C) the designation of which specifies:
(i) for a zone the boundaries of which are
prescribed by Paragraph (B)(i), the longitude and latitude of the
center of the qualified project; or
(ii) for a zone the boundaries of which are
prescribed by Paragraph (B)(ii), the exact boundaries of the zone;
and
(D) the designation of which expires not later
than the 30th anniversary of the date of designation.
SECTION 2. This Act takes effect September 1, 2025.
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