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 previous 10-year limit. Additionally, the bill introduces a new provision that allows for a further assessment of tax revenue on the 40th anniversary of the hotel's opening, ensuring that municipalities can continue to benefit from these projects over a longer period.

Furthermore, the bill outlines the responsibilities of the comptroller in determining the total state tax revenue received by both the municipality and the state during specified periods. If the municipality's revenue exceeds the state's, the municipality is required to remit the difference back to the comptroller. The bill also specifies the timeline for these payments and the procedures for remitting them. Overall, the legislation aims to enhance the financial benefits for municipalities involved in hotel and convention center projects while ensuring accountability in the distribution of tax revenues.

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