The bill, H.B. No. 3500, seeks to expand the authority of certain municipalities in Texas to receive and pledge additional tax revenue generated from hotel and convention center projects for the payment of obligations. Specifically, it amends Section 351.157(b) of the Tax Code to include a new category of municipalities, identified as (15-a) a municipality described by Section 351.152(51);, thereby broadening the scope of municipalities eligible for this financial mechanism. The bill stipulates that it will take effect immediately if it secures a two-thirds majority vote from all elected members in both houses of the legislature. If it does not achieve this level of support, the bill will become effective on September 1, 2025. This legislative change aims to enhance the financial capabilities of municipalities involved in hotel and convention center projects, potentially stimulating local economies through increased tourism and related activities.

Statutes affected:
Introduced: Tax Code 351.157 (Tax Code 351)