The bill, S.B. No. 1250, amends the definition of a "project financing zone" within the Texas Tax Code, specifically Section 351.1015(a)(4). The new language clarifies that a project financing zone can be designated by a municipality and must be within a three-mile radius of a qualified project. Additionally, it allows for the designation of a contiguous geographic area that is less than or equal to the maximum area allowed under the three-mile radius if specified by certain municipalities. The bill also stipulates that the designation must include specific geographic coordinates or boundaries depending on the type of zone designated.

Furthermore, the bill establishes that the designation of a project financing zone will expire no later than 30 years from the date of its designation. This legislation is set to take effect on September 1, 2025, providing municipalities with clearer guidelines for designating project financing zones that utilize tax revenue for funding convention center facilities and related infrastructure.

Statutes affected:
Introduced: Tax Code 351.1015 (Tax Code 351)