Bill > SB2539

This bill modifies the Texas Tax Code to establish new procedural requirements for municipalities when issuing tax increment bonds in a tax increment reinvestment zone (TIRZ). Specifically, the bill requires that before a municipality can issue such bonds by ordinance, they must: 1) provide reasonable written notice to each property owner in the reinvestment zone about the date and time of the public hearing where the bond ordinance will be considered, and 2) obtain an affirmative vote from at least a majority of the municipality's governing body members voting on the ordinance. The changes apply only to ordinances adopted after the bill's effective date and do not impact bonds or obligations issued before that time. 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 requisite immediate-effect vote. These modifications aim to increase transparency and provide more opportunity for property owners to be informed about and potentially influence decisions regarding tax increment bonds in their local reinvestment zones.

Budget and Finance, Business and Industry

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB2539