Bill > SB529

This bill modifies the Texas Tax Code to adjust the rules for how certain municipalities can use tax revenue from establishments near hotel and convention center projects. Specifically, the bill applies to municipalities with a population of 130,000 or more that are described in Section 351.152(12) of the Tax Code. These municipalities will now be limited to pledging or committing tax revenue for only two qualified projects, whereas previously they may have had fewer restrictions. The bill also expands the applicability of an existing section of tax code (Section 351.157) to include these specific municipalities. The legislation would take effect immediately if it receives a two-thirds vote in both legislative chambers, otherwise it will take effect on September 1, 2025. The bill appears to be tailored to provide more controlled financial flexibility for mid-sized municipalities in managing tax revenues related to specific development projects.

Budget and Finance, Business and Industry

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB529