Bill > HB3066

This bill modifies the tax revenue entitlement periods for certain municipalities with qualified hotel and convention center projects. Currently, most municipalities can receive state tax revenue related to a qualified hotel project for 10 years after the hotel's initial occupancy. The bill introduces a specific provision for municipalities meeting the criteria of Section 351.152(46), extending their tax revenue entitlement period to 20 years. Furthermore, for these specific municipalities, the bill establishes a new 40-year review process where the state comptroller will compare the total state tax revenue received by the municipality against the total state tax revenue received during the latter half of the entitlement period (from the 20th to 40th anniversary). If the municipality has received more tax revenue than the state during this period, the municipality will be required to remit the difference back to the state through monthly payments. The bill will take effect immediately if it receives a two-thirds vote in the Texas legislature, or on September 1, 2025, if it does not receive the necessary immediate vote.

Budget and Finance, Business and Industry

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HB3066