Bill Text: TX SB1984 | 2021-2022 | 87th Legislature | Comm Sub

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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-Comm_Sub.html

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By: Lucio S.B. No. 1984
(Anchia)

A BILL TO BE ENTITLED
AN ACT
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 [a new
project] if the issuer provides:
(1) [the designation on a form described by Section
1372.070;
[(2)] a written withdrawal request signed by an
authorized representative of the issuer;
(2) [(3)] the issuing board resolution authorizing
the carryforward designation reassignment with an original
signature by an officer of the issuer;
(3) [(4)] applicable fees under Section 1372.006;
(4) [(5)] an opinion of legal counsel stating that the
carryforward designation reassignment does not conflict with
Section 146, Internal Revenue Code of 1986; and
(5) [(6)] any other information required by the board.
(b) A [new] project that is reassigned a carryforward
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.