S.B. No. 1756 amends the Texas Tax Code to limit the ability of municipalities to pledge or commit tax revenue for hotel and convention center projects. The bill introduces several new subsections that stipulate a municipality can only commit revenue for one qualified project, which includes hotel and multipurpose convention center facility projects. Specifically, once a municipality has pledged revenue for a project, it cannot do so again for any subsequent projects. This restriction applies to both hotel projects and multipurpose convention center facility projects, with the definition of "municipality" also encompassing local government corporations created to support these municipalities.

Additionally, the bill repeals Section 351.155(d) of the Tax Code and clarifies that the changes made by this Act do not affect the validity of any bonds or obligations that were pledged before the effective date of the Act. The bill is set to take effect immediately upon receiving a two-thirds vote from both houses of the legislature, or on September 1, 2025, if such a vote is not achieved.

Statutes affected:
Introduced: Tax Code 351.1015, Tax Code 351.102, Tax Code 351.1021, Tax Code 351.1022, Tax Code 351.106, Tax Code 351.155 (Tax Code 351)
Senate Committee Report: Tax Code 351.1015, Tax Code 351.102, Tax Code 351.1021, Tax Code 351.1022, Tax Code 351.106, Tax Code 351.155 (Tax Code 351)