Bill Text: TX SB1984 | 2021-2022 | 87th Legislature | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the reassignment of the carryforward designation of certain private activity bonds.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2021-06-18 - Effective on 9/1/21 [SB1984 Detail]
Download: Texas-2021-SB1984-Engrossed.html
Bill Title: Relating to the reassignment of the carryforward designation of certain private activity bonds.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2021-06-18 - Effective on 9/1/21 [SB1984 Detail]
Download: Texas-2021-SB1984-Engrossed.html
By: Lucio | S.B. No. 1984 |
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relating to the reassignment of the carryforward designation of | ||
certain private activity bonds. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 1372.061(b), Government Code, is amended | ||
to read as follows: | ||
(b) The board shall designate as carryforward: | ||
(1) a reservation amount for which the board receives | ||
written notice from an issuer of an election to carry forward the | ||
reservation under Section 1372.042(c) if the bonds relating to the | ||
reservation are not required to close by December 31 of the year in | ||
which the reservation was granted; or | ||
(2) an amount previously designated as carryforward | ||
under Subsection (a) for which the board receives written notice | ||
from an issuer of an election to reassign the carryforward | ||
designation under Section 1372.074. | ||
SECTION 2. Sections 1372.074(a) and (b), Government Code, | ||
are amended to read as follows: | ||
(a) After one year from the initial carryforward | ||
designation, an issuer may elect to reassign all or part of the | ||
carryforward designation in accordance with Section 1372.061(b) to | ||
the issuer's next available application for a project [ |
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(1) [ |
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[ |
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authorized representative of the issuer; | ||
(2) [ |
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the carryforward designation reassignment with an original | ||
signature by an officer of the issuer; | ||
(3) [ |
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(4) [ |
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carryforward designation reassignment does not conflict with | ||
Section 146, Internal Revenue Code of 1986; and | ||
(5) [ |
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(b) A [ |
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designation under this section must close within the time period | ||
allowed by the Internal Revenue Code of 1986. | ||
SECTION 3. This Act takes effect September 1, 2021. |