The bill amends the Texas Tax Code to extend the period during which certain municipalities can receive tax revenue associated with hotel and convention center projects. Specifically, it establishes that municipalities described by Section 351.152(46) are entitled to receive revenue for up to 20 years from the date a qualified hotel opens for initial occupancy, as opposed to the standard 10 years applicable to other municipalities. This change is reflected in the new legal language added to Section 351.158, which outlines the entitlement period.

Additionally, the bill modifies Section 351.162 to include provisions for determining state tax revenue on the 40th anniversary of a qualified hotel’s opening for municipalities that qualify under the new criteria. It requires the comptroller to assess the total state tax revenue received by both the municipality and the state during specified periods, and if the municipality's revenue exceeds the state's, it mandates that the municipality remit the difference. This ensures accountability and proper distribution of tax revenues related to these projects.

Statutes affected:
Introduced: Tax Code 351.158, Tax Code 351.162 (Tax Code 351)