Senate Bill No. 2260 aims to enhance transparency regarding multifamily residential developments that receive certain tax exemptions in Texas. The bill introduces Section 2306.009 to the Government Code, which mandates that owners of qualifying developments submit an annual disclosure to the local appraisal district by April 30 each year. This disclosure must include essential information such as the development's name and address, ownership details, total residential units, appraised value, tax exemption amounts, and affordability data. Additionally, appraisal districts are required to notify the Texas Department of Housing and Community Affairs of any owners who fail to submit the required disclosures.

The bill also amends existing laws to stipulate that tax exemptions for multifamily residential developments are contingent upon timely submission of the required disclosures. Specifically, it adds provisions to Sections 303.0421, 392.005, and 394.905 of the Local Government Code, ensuring that developments must comply with the new disclosure requirements to qualify for tax exemptions. The first disclosure is due by April 30, 2026, and the initial report to the legislature is not required until December 1, 2026. The act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: ()
Senate Committee Report: Local Government Code 303.0421, Local Government Code 392.005, Local Government Code 394.905 (Local Government Code 303, Local Government Code 392, Local Government Code 394)
Engrossed: Local Government Code 303.0421, Local Government Code 392.005, Local Government Code 394.905 (Local Government Code 303, Local Government Code 392, Local Government Code 394)