HB 1718: bill redefining when a private activity bond closes

Caption

relating to the definition of "closing" for purposes of certain private activity bonds.

Summary

Delivery alone counts.

The bill changes the state's definition of when a private activity bond 'closes' so that delivery of the bond alone counts, without separate issuance language. For qualified residential rental project bonds, it lets a bond close when the buyer pays only part of the price up front, as long as that part is at least 10 percent, with the rest funded in steps under the bond's terms. Housing bond issuers and developers can draw money as needed and pay interest only on what has been drawn, but a bond that cannot be spent until credit enhancement is obtained still does not count as closed.

Labels

Labels: ZOMBIE BILL. Died 2 times: 88R HB 3670 (Died in committee) and this bill (Died in committee). Checked against 88R only.BACK FROM THE DEAD. Same text as a bill filed before that died: 88R HB 3670 (Died in committee). Filed in 2 sessions, counting this one. Checked against 88R only.TRY NO. 2. Filed in 2 sessions: 88R and 89R. Checked against 88R only.ACROSS THE AISLE. Joint authors: 1 Republican, 4 Democrats. Party as the Legislative Reference Library lists it for the 89th Legislature.GOT HALFWAY. Passed the House on Apr 23, 2025. Died in the Senate: never got out of the Business & Commerce committee.

Receipt

The receipt

89R-HB1718 · 2025-01-02

SOLD BY

Rep. Mihaela PlesaDHouse 70

Rep. Rhetta Andrews BowersDHouse 113

Rep. Claudia OrdazDHouse 79

+ 2 more authors, 1 coauthor

ITEM

relating to the definition of "closing" for purposes of certain private activity bonds.

WHAT IT DOES

Delivery alone counts.

The bill changes the state's definition of when a private activity bond 'closes' so that delivery of the bond alone counts, without separate issuance language. For qualified residential rental project bonds, it lets a bond close when the buyer pays only part of the price up front, as long as that part is at least 10 percent, with the rest funded in steps under the bond's terms. Housing bond issuers and developers can draw money as needed and pay interest only on what has been drawn, but a bond that cannot be spent until credit enhancement is obtained still does not count as closed.

CHARGES

[ ] NONE FOUND

TOTAL

No first-year general revenue figure available here.

LBB estimate · fiscal note version I · source

Sources

Fiscal note · version I · March 20, 2025

The fiscal implications of the bill cannot be determined at the time. The bill does not specify how long an issuer may take to draw-down proceeds and the likely loss of Private Activity Bond authority in the possible scenario of the total draw-down proceeds being less than the authority allocated.

LBB published estimates · flow over the stated periods.

Source snapshot 2026-10-19, Central time.

HISTORY

Jan 2, 2025Filed
Mar 14, 2025Read first time
Mar 14, 2025Referred to Pensions, Investments & Financial Services
Mar 24, 2025Scheduled for public hearing on . . .
Mar 24, 2025Considered in public hearing
Mar 24, 2025Testimony taken/registration(s) recorded in committee
Mar 24, 2025Left pending in committee
Mar 31, 2025Considered in public hearing
Mar 31, 2025Reported favorably w/o amendment(s)
Apr 4, 2025Comte report filed with Committee Coordinator
Apr 4, 2025Committee report distributed
Apr 4, 2025Committee report sent to Calendars
Apr 17, 2025Considered in Calendars
Apr 22, 2025Placed on General State Calendar
Apr 22, 2025Read 2nd time
Apr 22, 2025Passed to engrossment
Apr 22, 2025Record vote RV#348
Apr 22, 2025Statement(s) of vote recorded in Journal
Apr 23, 2025Read 3rd time
Apr 23, 2025Passed
Apr 23, 2025Record vote RV#398
Apr 23, 2025Statement(s) of vote recorded in Journal
Apr 23, 2025Reported engrossed
Apr 23, 2025Received from the House
Apr 28, 2025Read first time
Apr 28, 2025Referred to Business & Commerce

FILED UNDER

No verified beat found.

SIGNED FOR BY

House · 133 yea · 14 nay

Sources

House: Final passage · Apr 23, 2025. Journal. Published stock for this vote. Snapshot 2026-10-19, Central time.

All floor motions and other positions below.

No flags

THANK YOU FOR CHECKING THE RECEIPT

CAMPAIGN PAID FOR BY

Mihaela Plesa

Donors

Texas REALTORS Political Action Committee$79K Texas Trial Lawyers Association PAC$55K TexBlue Media PAC$33K

Not tied to this bill.

Sources

The author's campaign account only. Own money and internal transfers are separate on the member page.

Derived itemized flow · Oct 27, 2024 to Oct 24, 2026. State data as of Nov 4, 2026.

Derived itemized contributions on live regular reports and uncovered special-session dates. Internal account transfers and daily reports are excluded.

Texas REALTORS Political Action Committee$79,480.35

Texas REALTORS Political Action Committee

$79,480.35

Cash: $37,500.00
Paid by others: $41,980.35
Total: $79,480.35

mail $33,992.76digital $4,945.63text $2,016.96advertising $525.00fundraiser $500.00

Also funds 140 other sitting lawmakers.

Derived recipient stock · Jul 2, 2024 to Oct 24, 2026. State data as of Nov 4, 2026.

TEC account match.

Team

Sources

Derived itemized flow · Oct 31, 2024 to Oct 20, 2026. State data as of Nov 4, 2026.

Derived itemized contributions on live regular reports and uncovered special-session dates. Internal account transfers and daily reports are excluded.

Report IDs: 101012300, 101032600, 101059513, 101069108, 101072533.

Texas Trial Lawyers Association PAC$55,000.00

Texas Trial Lawyers Association PAC

$55,000.00

Cash: $55,000.00
Paid by others: $0.00
Total: $55,000.00

Also funds 137 other sitting lawmakers.

Derived recipient stock · Jul 24, 2024 to Oct 23, 2026. State data as of Nov 4, 2026.

TEC account match.

Team

Sources

Derived itemized flow · Dec 11, 2024 to Sep 21, 2026. State data as of Nov 4, 2026.

Derived itemized contributions on live regular reports and uncovered special-session dates. Internal account transfers and daily reports are excluded.

Report IDs: 101012300, 101032600, 101059513, 101069108.

TexBlue Media PAC$32,511.00

TexBlue Media PAC

$32,511.00

Cash: $0.00
Paid by others: $32,511.00
Total: $32,511.00

advertising $32,511.00

Also funds 0 other sitting lawmakers.

Derived recipient stock · Sep 25, 2026 to Sep 27, 2026. State data as of Nov 4, 2026.

TEC account match.

Sources

Derived itemized flow · Sep 25, 2026 to Sep 27, 2026. State data as of Nov 4, 2026.

Derived itemized contributions on live regular reports and uncovered special-session dates. Internal account transfers and daily reports are excluded.

Report IDs: 101072533.

Money

Missing data does not establish zero giving. Display amounts are rounded.

×

Texas REALTORS Political Action Committee

$79,480.35

Cash: $37,500.00
Paid by others: $41,980.35
Total: $79,480.35

mail $33,992.76digital $4,945.63text $2,016.96advertising $525.00fundraiser $500.00

Also funds 140 other sitting lawmakers.

Derived recipient stock · Jul 2, 2024 to Oct 24, 2026. State data as of Nov 4, 2026.

TEC account match.

Team

Sources

Derived itemized flow · Oct 31, 2024 to Oct 20, 2026. State data as of Nov 4, 2026.

Derived itemized contributions on live regular reports and uncovered special-session dates. Internal account transfers and daily reports are excluded.

Report IDs: 101012300, 101032600, 101059513, 101069108, 101072533.

×

Texas Trial Lawyers Association PAC

$55,000.00

Cash: $55,000.00
Paid by others: $0.00
Total: $55,000.00

Also funds 137 other sitting lawmakers.

Derived recipient stock · Jul 24, 2024 to Oct 23, 2026. State data as of Nov 4, 2026.

TEC account match.

Team

Sources

Derived itemized flow · Dec 11, 2024 to Sep 21, 2026. State data as of Nov 4, 2026.

Derived itemized contributions on live regular reports and uncovered special-session dates. Internal account transfers and daily reports are excluded.

Report IDs: 101012300, 101032600, 101059513, 101069108.

×

TexBlue Media PAC

$32,511.00

Cash: $0.00
Paid by others: $32,511.00
Total: $32,511.00

advertising $32,511.00

Also funds 0 other sitting lawmakers.

Derived recipient stock · Sep 25, 2026 to Sep 27, 2026. State data as of Nov 4, 2026.

TEC account match.

Sources

Derived itemized flow · Sep 25, 2026 to Sep 27, 2026. State data as of Nov 4, 2026.

Derived itemized contributions on live regular reports and uncovered special-session dates. Internal account transfers and daily reports are excluded.

Report IDs: 101072533.

Votes2

House Apr 23, 2025

Yea: 133
Nay: 14
Present, not voting: 2
Absent: 1
Excused: 0

Names

Named positions matched to lawmakers. See the journal for unmatched names.

House journal

Sources

Record 398

HB 1718 was passed by (Record 398): 133 Yeas, 14 Nays, 2 Present, not voting.

Published stock of positions for this vote, except where marked derived.

Yea: 133 (published)
Nay: 14 (published)
Present, not voting: 2 (published)
Absent: 1 (derived from named list)
Excused: 0 (derived from named list)

House journal. Source snapshot 2026-10-19, Central time.

House Apr 22, 2025

Yea: 123
Nay: 15
Present, not voting: 1
Absent: 9
Excused: 2

Names

Named positions matched to lawmakers. See the journal for unmatched names.

House journal

Sources

Record 348

HB 1718 was passed to engrossment by (Record 348): 123 Yeas, 15 Nays, 1 Present, not voting.

Published stock of positions for this vote, except where marked derived.

Yea: 123 (published)
Nay: 15 (published)
Present, not voting: 1 (published)
Absent: 9 (derived from named list)
Excused: 2 (derived from named list)

House journal. Source snapshot 2026-10-19, Central time.

Witnesses9

For: 9
Against: 0
On: 0

Names

For

Journeyman Group1 registration
LDG Development1 registration
Self3 registrations
Self; Holland and Knight1 registration
Self; Texas National Association Of Redevelopment Officials1 registration
Travis County Commissioners Court1 registration
TxNAHRO1 registration

Sources

9 parsed registrations across the loaded witness lists.

Derived stock of witness registrations. Repeated appearances count separately. Organizations and self-representation appear as printed.

House witness list. Source snapshot 2026-10-20, Central time.

Fiscal

No first-year general revenue figure available here.

LBB estimate · fiscal note version I · source

Sources

Fiscal note · version I · March 20, 2025

The fiscal implications of the bill cannot be determined at the time. The bill does not specify how long an issuer may take to draw-down proceeds and the likely loss of Private Activity Bond authority in the possible scenario of the total draw-down proceeds being less than the authority allocated.

LBB published estimates · flow over the stated periods.

Source snapshot 2026-10-19, Central time.

How this was graded

Analysis of text version H by claude-opus-5-5, Oct 22, 2026, against the published rubric.

FILED BEFORE

Filed 2 times: 88R and 89R. Checked against 88R only.

88R HB 3670

by Rep. Plesa, same lead author · Died in committee · same text

Introduced text

Last action, May 10, 2023: Referred to Business & Commerce

Relating to the definition of "closing" for purposes of certain private activity bonds.

Caption, 88R bill history

Sources

Texas House · Filed Jan 2, 2025

04/28/2025 S Referred to Business & Commerce

Texas Legislature Online · Introduced · House Committee Report · Engrossed

Data snapshot Oct 26, 2026 at 4:20 AM CDT. Grades, charges, quotes and corrections follow the published record.

Coauthors

Penny Morales ShawDHouse 148

House committee · Pensions, Investments & Financial Services · Committee vote 8 aye, 0 nay, 1 absent · Out of committee

Senate committee · Business & Commerce · Final status: Died in committee

Companion

SB 708 by Alvarado (identical)

Subjects

Housing--General

State Finances--Management & Control

BONDS

Text

The text as introduced · 206 words

89R4832 CS-D

By: Plesa
H.B. No. 1718

A BILL TO BE ENTITLED

AN ACT

relating to the definition of "closing" for purposes of certain

private activity bonds.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 1372.001(3), Government Code, is amended

to read as follows:

(3) "Closing" means the [ issuance and ] delivery of a

bond by an issuer in exchange for the required payment for the bond.

The term includes, for a qualified residential rental project bond,

delivery of a bond in exchange for a partial payment for the

incremental funding of the bond in accordance with the terms of the

bond, provided that the partial payment is not less than 10 percent

of the required payment for the bond. The term does not include a

delivery of a bond if expenditure of the proceeds of the bond is

conditioned on obtaining credit enhancement in support of the bond.

SECTION 2. 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, 2025.

Verdict: No flags

The receipt

SOLD BY

ITEM

WHAT IT DOES

CHARGES

TOTAL

HISTORY

SIGNED FOR BY

Donors

Texas REALTORS Political Action Committee

Texas Trial Lawyers Association PAC

TexBlue Media PAC

Texas REALTORS Political Action Committee

Texas Trial Lawyers Association PAC

TexBlue Media PAC

House Apr 23, 2025

House Apr 22, 2025

For

88R HB 3670

Companion