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 organizations are ineligible if they are controlled by individuals or entities from designated countries, or if they are listed as ineligible for state contracts under various chapters of the law.

Additionally, the bill outlines the responsibilities of the comptroller in evaluating applications and mandates that agreements include specific provisions to ensure compliance with eligibility requirements. Notably, it allows the attorney general to take action to terminate agreements if violations are discovered. The bill also requires annual audits of agreements to ensure compliance with the new provisions. The changes will apply only to agreements entered into after the effective date of the Act, which is set for September 1, 2025.