Bill Text: TX HB1977 | 2019-2020 | 86th Legislature | Introduced


Bill Title: Relating to a requirement that a fiscal impact statement be provided before a taxing unit may enter into a tax abatement agreement.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-03-20 - Left pending in committee [HB1977 Detail]

Download: Texas-2019-HB1977-Introduced.html
  86R11957 JES-D
 
  By: Cole H.B. No. 1977
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to a requirement that a fiscal impact statement be
  provided before a taxing unit may enter into a tax abatement
  agreement.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 312, Tax Code, is amended
  by adding Section 312.008 to read as follows:
         Sec. 312.008.  FISCAL IMPACT STATEMENT. (a) Before
  entering into a tax abatement agreement under this chapter, a
  taxing unit shall prepare a fiscal impact statement that,
  specifically and in detail, assesses the direct economic impact
  that the tax abatement agreement would have on schools,
  transportation, and public safety in the county or municipality in
  which the reinvestment zone would be located under the tax
  abatement agreement.
         (b)  The comptroller shall adopt rules establishing the
  minimum requirements for a fiscal impact statement under this
  section. The rules must require a taxing unit to provide the
  statement within a reasonable amount of time before the taxing unit
  enters into the applicable tax abatement agreement and in a manner
  that allows members of the general public to review the statement.
         SECTION 2.  Not later than January 1, 2020, the comptroller
  of public accounts shall adopt rules necessary to implement Section
  312.008, Tax Code, as added by this Act.
         SECTION 3.  The change in law made by this Act applies only
  to a tax abatement agreement entered into on or after January 1,
  2020.
         SECTION 4.  This Act takes effect September 1, 2019.
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