H.B. No. 3500 amends Section 351.157(b) of the Texas Tax Code to expand the list of municipalities eligible to receive and pledge additional tax revenue derived from hotel and convention center projects. The bill adds a new category, specifically (15-a) a municipality described by Section 351.152(51);, to the existing list of municipalities that can benefit from this provision. This change aims to enhance the financial capabilities of certain municipalities in supporting tourism and related economic development initiatives. 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 the necessary vote is not achieved, the bill will take effect on September 1, 2025. This timeline allows for a structured implementation of the new provisions regarding the additional tax revenue for eligible municipalities.

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