H.B. No. 1623 amends the Government Code to establish eligibility criteria for foreign individuals or entities seeking a limitation on the taxable value of property for school district maintenance and operations ad valorem tax purposes under the Texas Jobs, Energy, Technology, and Innovation Act. The bill introduces new definitions, including "designated country," which refers to countries identified by the U.S. Director of National Intelligence as posing a national security risk. It also clarifies that an organization is considered under the control of an individual or another organization if the controlling party owns at least 50% of the voting ownership interest.

Additionally, the bill specifies that certain individuals and organizations from designated countries are ineligible to apply for tax benefits, including governmental entities and organizations headquartered or controlled by such countries. It also includes provisions for the comptroller to request additional information from applicants to determine eligibility and outlines the conditions under which agreements can be terminated, including violations related to ownership transfers to ineligible parties. The changes will take effect on September 1, 2025, and apply only to agreements entered into after this date.