The text as introduced · 427 words
90R788 CJD-D
By: Blanco
S.B. No. 278
A BILL TO BE ENTITLED
AN ACT
relating to the authority of certain municipalities to use certain
tax revenue for certain qualified projects.
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; or
(iii) if designated by a municipality
described by Section 351.001(7)(E), 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) or (iii) , 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. Section 351.1015(b), Tax Code, is amended to
read as follows:
(b) This section applies only to a qualified project located
in:
(1) a municipality with a population of at least
700,000 but less than 950,000 according to the most recent federal
decennial census;
(2) a municipality that contains more than 70 percent
of the population of a county with a population of 1.5 million or
more;
(3) a municipality described by Section
351.001(7)(B);
(4) a municipality described by Section 351.152(61);
(5) a municipality with a population of at least two
million; [ or ]
(6) a municipality described by Section 351.152(14)
with a population of more than 250,000 ; or
(7) a municipality described by Section
351.001(7)(E) .
SECTION 3. 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, 2027.