Bill > HB1623

This bill amends the Texas Jobs, Energy, Technology, and Innovation Act to establish new restrictions on foreign individuals and entities seeking tax value limitations for school district maintenance and operations. The bill defines a "designated country" as one identified by the U.S. Director of National Intelligence as a national security risk in recent threat assessments and introduces eligibility restrictions for applicants. Specifically, organizations or individuals from designated countries, or organizations controlled by entities or individuals from such countries, are now ineligible to submit applications for tax value limitations. The bill requires applicants to provide additional information to verify their eligibility and mandates that agreements include provisions preventing ownership transfers to ineligible entities. The comptroller must now track and report on agreements involving foreign entities, and the attorney general is empowered to terminate agreements if ineligible parties become involved. These changes aim to protect state economic interests by preventing potential national security risks, with the new provisions applying to applications submitted on or after the bill's effective date of September 1, 2025.

Budget and Finance

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HB1623