S.B. No. 1250 amends the definition of a "project financing zone" within the Texas Tax Code, specifically Section 351.1015(a)(4). The bill allows municipalities to designate areas as project financing zones for the purpose of funding convention center facilities, multipurpose arenas, and related infrastructure. The new definition specifies that the boundaries of a project financing zone can either be within a three-mile radius of the center of a qualified project or, if designated by certain municipalities before December 31, 2024, can be a continuous geographic area that is less than or equal to the maximum area allowed under the three-mile radius condition.

Additionally, the bill requires that the designation of a project financing zone must include specific details regarding the longitude and latitude of the qualified project or the exact boundaries of the zone, depending on the designation criteria used. The designation will also have a maximum duration, expiring no later than 30 years from the date it is established. This act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: Tax Code 351.1015 (Tax Code 351)
Senate Committee Report: Tax Code 351.1015 (Tax Code 351)