S.B. No. 529 amends the Texas Tax Code to establish specific provisions for municipalities with a population of 130,000 or more that are eligible to receive and utilize tax revenue from certain establishments located near hotel and convention center projects. The bill introduces a new subsection, (c-1), which allows these municipalities to pledge or commit revenue for only two qualified projects, notwithstanding the existing regulations outlined in Subsection (c). Additionally, the bill adds (b-1) to Section 351.157, extending its applicability to municipalities described in the new subsection. The bill is set to take effect immediately upon receiving a two-thirds vote from both houses of the legislature; otherwise, it will take effect on September 1, 2025. This legislation aims to provide clearer guidelines for larger municipalities regarding the management and allocation of tax revenue related to specific development projects, thereby potentially enhancing local economic growth and development opportunities.

Statutes affected:
Introduced: Tax Code 351.157 (Tax Code 351)
Senate Committee Report: Tax Code 351.157 (Tax Code 351)
Engrossed: Tax Code 351.157 (Tax Code 351)
House Committee Report: Tax Code 351.157 (Tax Code 351)
Enrolled: Tax Code 351.155, Tax Code 351.157 (Tax Code 351)