H.B. No. 2027 amends the Special District Local Laws Code to enhance the authority of the Brazoria County Commissioners Court regarding tax abatement agreements for properties within the Port Freeport district. The bill introduces new provisions that allow the commissioners court to designate properties as reinvestment zones and execute tax abatement agreements for both leasehold interests in tax-exempt real property and tangible personal property located within these zones. Specifically, the bill clarifies that the court can exempt all or a portion of the value of these properties, thereby providing a financial incentive for development and investment in the area.

Additionally, the bill removes the term "area" from the designation of reinvestment zones, streamlining the language to focus solely on "zones." The terms of any agreements made under this new authority will still be governed by Chapter 312 of the Tax Code. The act is set to take effect immediately upon receiving a two-thirds vote from both houses of the legislature or on September 1, 2025, if such a vote is not achieved.

Statutes affected:
Introduced: Special District Local Laws Code 5002.203 (Special District Local Laws Code 5002)