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By: Watson |
S.B. No. 1658 |
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(In the Senate - Filed March 13, 2015; March 23, 2015, read |
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first time and referred to Committee on Intergovernmental |
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Relations; May 12, 2015, reported adversely, with favorable |
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Committee Substitute by the following vote: Yeas 5, Nays 2; |
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May 12, 2015, sent to printer.) |
Click here to see the committee vote |
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COMMITTEE SUBSTITUTE FOR S.B. No. 1658 |
By: Lucio |
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A BILL TO BE ENTITLED
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AN ACT
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relating to a study and report on the establishment of a franchise |
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tax credit for the development of low income housing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) In this Act, "department" means the Texas |
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Department of Housing and Community Affairs. |
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(b) The department shall conduct a study to evaluate the |
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feasibility, methods, and costs of establishing a franchise tax |
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credit for the development of low income housing. |
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(c) In conducting the study, the department shall: |
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(1) evaluate and identify any sources of funding that |
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might be available to cover the probable cost of the credit; |
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(2) evaluate methods that have been implemented by |
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other states to provide a similar tax credit for the development of |
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low income housing and identify the method or methods that have |
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resulted in the greatest increase in the number of affordable |
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housing units; |
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(3) consider potential credit amounts and estimate: |
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(A) the number of affordable housing units that |
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would result from each credit amount; and |
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(B) the probable cost of each credit amount; |
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(4) estimate any tax savings to businesses that would |
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result if the credit could be sold or exchanged; and |
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(5) identify the state agency or agencies that could |
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most efficiently implement and administer the credit. |
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(d) The comptroller of public accounts shall assist the |
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department in conducting the study at the department's request. |
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(e) Not later than September 1, 2016, the department shall |
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submit to the legislature a written report on the results of the |
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study and any recommendations for legislative or other action. |
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(f) This Act expires September 1, 2017. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |
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