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 - Dead) 2019-03-20 - Left pending in committee [HB1977 Detail]
Download: Texas-2019-HB1977-Introduced.html
86R11957 JES-D | ||
By: Cole | H.B. No. 1977 |
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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. |