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 existing regulations. Additionally, it adds (b-1) to Section 351.157, extending the applicability of that section to include municipalities described in the new subsection. The bill is set to take effect immediately upon receiving a two-thirds majority vote from both houses of the legislature; otherwise, it will take effect on September 1, 2025. The legislative process for S.B. No. 529 included passage in the Senate and House with significant support, indicating a strong consensus on the need for these provisions to support larger municipalities in managing tax revenue related to hotel and convention center projects.

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)