Bill Text: TX HB3130 | 2019-2020 | 86th Legislature | Introduced


Bill Title: Relating to federal refundable credits paid directly to issuers of certain bonds issued by or on behalf of school districts or open-enrollment charter schools.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-04-29 - Committee report sent to Calendars [HB3130 Detail]

Download: Texas-2019-HB3130-Introduced.html
  86R2043 MEW-D
 
  By: Middleton H.B. No. 3130
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to federal refundable credits paid directly to issuers of
  certain bonds issued by or on behalf of school districts or
  open-enrollment charter schools.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter E, Chapter 45, Education Code, is
  amended by adding Section 45.114 to read as follows:
         Sec. 45.114.  DEPOSIT OF DIRECT PAY SUBSIDIES ON CERTAIN
  FEDERAL TAX CREDIT BONDS. (a) This section applies only to bonds:
               (1)  that were issued as:
                     (A)  build America bonds in accordance with former
  Section 54AA, Internal Revenue Code of 1986, as added by Section
  1531(a), Title I, Division B, American Recovery and Reinvestment
  Act of 2009 (Pub. L. No. 111-5);
                     (B)  qualified school construction bonds in
  accordance with Section 54F, Internal Revenue Code of 1986, as
  added by Section 1521(a), Title I, Division B, American Recovery
  and Reinvestment Act of 2009 (Pub. L. No. 111-5); or
                     (C)  qualified zone academy bonds in accordance
  with Section 54E, Internal Revenue Code of 1986, as added by Section
  313(a), Title III, Division C, Emergency Economic Stabilization Act
  of 2008 (Pub. L. No. 110-343); and
               (2)  for which a school district or open-enrollment
  charter school elected to receive a federal refundable tax credit
  in accordance with:
                     (A)  for bonds described by Subdivision (1)(A),
  former Section 54AA(f), Internal Revenue Code of 1986; or
                     (B)  for bonds described by Subdivision (1)(B) or
  (C), former Section 6431, Internal Revenue Code of 1986.
         (b)  A school district or open-enrollment charter school
  shall deposit a federal refundable tax credit payment described by
  Subsection (a)(2) and received in connection with a bond issued by
  or on behalf of the school district or open-enrollment charter
  school to the credit of the interest and sinking fund established
  for that bond.
         SECTION 2.  This Act takes effect September 1, 2019.
feedback