Bill > SB3028

This bill modifies the Texas Tax Code to provide additional flexibility for certain municipalities in using tax revenue for project financing zones. Specifically, the bill allows municipalities to designate additional qualified projects within an existing project financing zone under certain conditions. A qualified project is defined as a convention center facility or specific venue with related infrastructure. The bill stipulates that these additional projects must: (1) comply with existing requirements, (2) be located within 1,000 feet of an already-designated project, and (3) not extend the zone's original boundaries or time period. If a municipality adds a new qualified project, they must notify the state comptroller within 30 days of adopting the ordinance. The bill's key innovation is that once a municipality begins one qualified project within the specified time frame, they can use project financing zone revenues for all designated projects. This change appears designed to provide municipalities with more operational flexibility in developing local infrastructure and economic development projects. The bill is set to take effect on September 1, 2025.