Bill Text: TX SB1658 | 2015-2016 | 84th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to a study and report on the establishment of a franchise tax credit for the development of low income housing.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-05-19 - Not again placed on intent calendar [SB1658 Detail]
Download: Texas-2015-SB1658-Introduced.html
Bill Title: Relating to a study and report on the establishment of a franchise tax credit for the development of low income housing.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-05-19 - Not again placed on intent calendar [SB1658 Detail]
Download: Texas-2015-SB1658-Introduced.html
By: Watson | S.B. No. 1658 | |
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relating to a study and report on the feasibility, methods, and | ||
costs of establishing a Texas low income housing tax credit | ||
program. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. DEFINITION. In this Act, "department" means the | ||
Texas Department of Housing and Community Affairs. | ||
SECTION 2. STUDY. (a) The department shall conduct a | ||
study to evaluate the feasibility, methods, and costs of | ||
establishing a low income housing tax credit program for the state | ||
of Texas. | ||
(b) In conducting the study under Subsection (a) of this | ||
section, the department shall: | ||
(1) evaluate and identify sources available to fund | ||
the program described by Subsection (a) of this section; | ||
(2) evaluate the methods other states use for such | ||
programs and identify what methods produce the greatest number of | ||
affordable housing units; | ||
(3) consider varying levels of funding for such a | ||
program and determine the number of affordable housing units these | ||
levels of funding would provide to the market; | ||
(4) evaluate the tax savings that would be realized by | ||
Texas businesses through the sale or exchange of the low income | ||
housing tax credits; and | ||
(5) identify the state entities best positioned to | ||
implement and administer such a program in an efficient manner. | ||
SECTION 3. REPORT. Not later than September 1, 2016, the | ||
department shall submit to the legislature a written report | ||
containing the findings of the study conducted under this Act and | ||
the department's recommendations for any legislation or other | ||
actions necessary to implement the program described by Section 2 | ||
of this Act. | ||
SECTION 4. The Office of Texas Comptroller of Public | ||
Accounts shall assist the department to the extent it is necessary | ||
to carry out the duty of Section 2(b). This assistance shall be | ||
rendered at the request of the department. | ||
SECTION 5. EXPIRATION. This Act expires September 1, 2017. | ||
SECTION 6. EFFECTIVE DATE. 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, 2015. |