Bill Text: TX SB450 | 2019-2020 | 86th Legislature | Comm Sub

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

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Bill Title: Relating to the deadline for certain economic development corporations to file a certain report with the comptroller.

Spectrum: Bipartisan Bill

Status: (Passed) 2019-04-25 - Effective on 9/1/19 [SB450 Detail]

Download: Texas-2019-SB450-Comm_Sub.html

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By: Powell S.B. No. 450
(Metcalf)

A BILL TO BE ENTITLED
AN ACT
relating to the deadline for certain economic development
corporations to file a certain report with the comptroller.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 502.151(a), Local Government Code, is
amended to read as follows:
(a) Not later than April [February] 1 of each year, the
board of directors of a corporation shall submit a report to the
comptroller that includes:
(1) a statement of:
(A) the corporation's primary economic
development objectives;
(B) the corporation's total revenue during the
preceding fiscal year;
(C) the corporation's total expenditures during
the preceding fiscal year; and
(D) the corporation's total expenditures during
the preceding fiscal year in each of the following categories:
(i) administration;
(ii) personnel;
(iii) marketing or promotion;
(iv) direct business incentives;
(v) job training;
(vi) debt service;
(vii) capital costs;
(viii) affordable housing; and
(ix) payments to taxing units, including
school districts;
(2) a list of the corporation's capital assets,
including land and buildings; and
(3) any other information the comptroller requires to
determine the use of the sales and use tax imposed under Chapter 504
or 505 to encourage economic development in this state.
SECTION 2. This Act takes effect September 1, 2019.