Bill Text: TX HB3465 | 2011-2012 | 82nd Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the period for which a school district's participation in certain tax increment financing reinvestment zones may be taken into account in determining the total taxable value of property in the school district.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2011-06-17 - Effective on 9/1/11 [HB3465 Detail]

Download: Texas-2011-HB3465-Introduced.html

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By: Sheffield H.B. No. 3465

A BILL TO BE ENTITLED
AN ACT
relating to the ability of certain municipalities enhancing
participation in economic development programs, including small
business development.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. PURPOSE. The purpose of this Act is to enable
greater participation in economic development programs, including
development of emerging small businesses, and to attract new
investment to these zones.
SECTION 2. Chapter 501, Local Government Code is amended by
adding subchapter J to read as follows:
SUBCHAPTER J: ECONOMIC DEVELOPMENT BY CERTAIN MUNICIPALITIES
Section 501.501 ECONOMIC AND SMALL BUSINESS DEVELOPMENT A
municipality with a population of 70,000 or less that is located in
a county in which all or part of a military installation is located
may, by vote, adopt an ordinance directing the orderly economic
development of the municipality, including the development of
small businesses in the municipality.
SECTION 501.502 ECONOMIC AND SMALL BUSINESS DEVELOPMENT
PLAN In developing the economic development ordinance, including
portions of the ordinance dealing with the development of small
businesses, a municipality may create or participate in a
reinvestment zone financing plan, that may operate under Section
403.302(e), Government Code or may create another plan, under other
existing law.
SECTION 501.503 INTERACTION WITH OTHER FINANCING PLANS The
provisions of Section 403.302(e), Government Code apply only if all
participants in reinvestment zone financing plan agree with the use
of the provision to accelerate the economic development of Small
Businesses in the participating political subdivisions.
SECTION 3. Section 403.302(e), Government Code, is amended
by adding subsection (e): (e) The total dollar amount deducted in
each year as required by Subsection (d)(4) in a reinvestment zone
created after January 1, 1999, may not exceed the captured
appraised value estimated for that year as required by Section
311.011(c)(8), Tax Code, in the reinvestment zone financing plan
approved under Section 311.011(d), Tax Code, before September 1,
1999. The number of years for which the total dollar amount may be
deducted under Subsection (d)(4) shall for any zone, including
those created on or before January 1, 1999, be limited to the
duration of the zone as specified as required by Section 311.017,
Tax Code. 311.011(c)(9), Tax Code, in the reinvestment zone
financing plan approved under Section 311.011(d), Tax Code, before
September 1, 1999.
Subsection (d)(4) for any zone, including those created on or
before January 1, 1999, may not be increased by any reinvestment
zone financing plan amendments that occur after August 31, 1999.
The total dollar amount deducted under Subsection (d)(4) for any
zone, including those created on or before January 1, 1999, may not
be increased by a change made after August 31, 1999, in the portion
of the tax increment retained by the school district.
SECTION 4. This Act takes effect September 1, 2011.