Bill Summary – FastDemocracy

   
      88(R) SB 1096 - Introduced version - Bill Text
      
            88R6390 CJC-F
         
		By:  Parker
            S.B.  No.  1096
         
               A BILL TO BE ENTITLED
            
               AN ACT
            
            relating to the treatment of certain residence homesteads for 
         
            purposes of the Tax Increment Financing Act.
         
                          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         
                          SECTION  1.    Section 311.002(1), Tax Code, is amended to read 
         
            as follows:
         
                                      (1)    "Project costs" means the expenditures made or 
         
            estimated to be made and monetary obligations incurred or estimated 
         
            to be incurred by the municipality or county designating a 
         
            reinvestment zone that are listed in the project plan as costs of 
         
            public works, public improvements, programs, or other projects 
         
            benefiting the zone, plus other costs incidental to those 
         
            expenditures and obligations.  "Project costs" include:
         
                                                  (A)    capital costs, including the actual costs of 
         
            the acquisition and construction of public works, public 
         
            improvements, new buildings, structures, and fixtures; the actual 
         
            costs of the acquisition, demolition, alteration, remodeling, 
         
            repair, or reconstruction of existing buildings, structures, and 
         
            fixtures; the actual costs of the remediation of conditions that 
         
            contaminate public or private land or buildings; the actual costs 
         
            of the preservation of the facade of a public or private building; 
         
            the actual costs of the demolition of public or private buildings; 
         
            and the actual costs of the acquisition of land and equipment and 
         
            the clearing and grading of land;
         
                                                  (B)    financing costs, including all interest paid 
         
            to holders of evidences of indebtedness or other obligations issued 
         
            to pay for project costs and any premium paid over the principal 
         
            amount of the obligations because of the redemption of the 
         
            obligations before maturity;
         
                                                  (C)    real property assembly costs;
         
                                                  (D)    professional service costs, including those 
         
            incurred for architectural, planning, engineering, and legal 
         
            advice and services;
         
                                                  (E)    imputed administrative costs, including 
         
            reasonable charges for the time spent by employees of the 
         
            municipality or county in connection with the implementation of a 
         
            project plan;
         
                                                  (F)    relocation costs;
         
                                                  (G)    organizational costs, including the costs of 
         
            conducting environmental impact studies or other studies, the cost 
         
            of publicizing the creation of the zone, and the cost of 
         
            implementing the project plan for the zone;
         
                                                  (H)    interest before and during construction and 
         
            for one year after completion of construction, whether or not 
         
            capitalized;
         
                                                  (I)    the cost of operating the reinvestment zone 
         
            and project facilities;
         
                                                  (J)    the amount of any contributions made by the 
         
            municipality or county from general revenue for the implementation 
         
            of the project plan;
         
                                                  (K)    the costs of school buildings, other 
         
            educational buildings, other educational facilities, or other 
         
            buildings owned by or on behalf of a school district, community 
         
            college district, or other political subdivision of this state; 
         
            [and]
         
                                                  (L)    payments made at the discretion of the 
         
            governing body of the municipality or county that the governing 
         
            body finds necessary or convenient to the creation of the zone or to 
         
            the implementation of the project plans for the zone; and
         
                                                  (M)    payments made as part of a reinvestment zone 
         
            stability program established under Section 311.0111.
         
                          SECTION  2.    Section 311.006(a), Tax Code, is amended to read 
         
            as follows:
         
                          (a)    A municipality may not designate a reinvestment zone if:
         
                                      (1)    more than 40 [30] percent of the property in the 
         
            proposed zone[, excluding property that is publicly owned,] is used 
         
            for residential purposes, excluding property that is:
         
Statutes affected: 
Introduced: Tax Code 311.002, Tax Code 311.006 (Tax Code 311)



	A BILL TO BE ENTITLED
	AN ACT
	relating to the treatment of certain residence homesteads for
	purposes of the Tax Increment Financing Act.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 311.002(1), Tax Code, is amended to read
	as follows:
	(1) "Project costs" means the expenditures made or
	estimated to be made and monetary obligations incurred or estimated
	to be incurred by the municipality or county designating a
	reinvestment zone that are listed in the project plan as costs of
	public works, public improvements, programs, or other projects
	benefiting the zone, plus other costs incidental to those
	expenditures and obligations. "Project costs" include:
	(A) capital costs, including the actual costs of
	the acquisition and construction of public works, public
	improvements, new buildings, structures, and fixtures; the actual
	costs of the acquisition, demolition, alteration, remodeling,
	repair, or reconstruction of existing buildings, structures, and
	fixtures; the actual costs of the remediation of conditions that
	contaminate public or private land or buildings; the actual costs
	of the preservation of the facade of a public or private building;
	the actual costs of the demolition of public or private buildings;
	and the actual costs of the acquisition of land and equipment and
	the clearing and grading of land;
	(B) financing costs, including all interest paid
	to holders of evidences of indebtedness or other obligations issued
	to pay for project costs and any premium paid over the principal
	amount of the obligations because of the redemption of the
	obligations before maturity;
	(C) real property assembly costs;
	(D) professional service costs, including those
	incurred for architectural, planning, engineering, and legal
	advice and services;
	(E) imputed administrative costs, including
	reasonable charges for the time spent by employees of the
	municipality or county in connection with the implementation of a
	project plan;
	(F) relocation costs;
	(G) organizational costs, including the costs of
	conducting environmental impact studies or other studies, the cost
	of publicizing the creation of the zone, and the cost of
	implementing the project plan for the zone;
	(H) interest before and during construction and
	for one year after completion of construction, whether or not
	capitalized;
	(I) the cost of operating the reinvestment zone
	and project facilities;
	(J) the amount of any contributions made by the
	municipality or county from general revenue for the implementation
	of the project plan;
	(K) the costs of school buildings, other
	educational buildings, other educational facilities, or other
	buildings owned by or on behalf of a school district, community
	college district, or other political subdivision of this state;
	[~~and~~]
	(L) payments made at the discretion of the
	governing body of the municipality or county that the governing
	body finds necessary or convenient to the creation of the zone or to
	the implementation of the project plans for the zone; and
	(M) payments made as part of a reinvestment zone
	stability program established under Section 311.0111.
	SECTION 2. Section 311.006(a), Tax Code, is amended to read
	as follows:
	(a) A municipality may not designate a reinvestment zone if:
	(1) more than 40 [30] percent of the property in the
	proposed zone[~~, excluding property that is publicly owned,~~] is used
	for residential purposes, excluding property that is:
	Statutes affected: Introduced: Tax Code 311.002, Tax Code 311.006 (Tax Code 311)