The bill, S.B. No. 2486, seeks to amend Section 351.157(b) of the Texas Tax Code to expand the authority of certain municipalities to receive and pledge additional tax revenue generated from hotel and convention center projects. Specifically, it adds a new category, identified as (15-a), which pertains to municipalities described by Section 351.152(51). This inclusion allows more municipalities to benefit from the financial mechanisms associated with these projects, potentially enhancing local economic development through increased tourism and related activities. 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 this threshold is not met, the bill will become effective on September 1, 2025. This provision ensures that the municipalities can quickly access the benefits of the new tax revenue provisions if legislative support is strong.

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