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A BILL TO BE ENTITLED
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AN ACT
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relating to the rebate, refund, or payment of tax proceeds to a |
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qualified hotel project. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2303.5055, Government Code, is amended |
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by adding Subsection (f) to read as follows: |
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(f) Notwithstanding any other law, the comptroller shall |
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deposit eligible taxable proceeds that were collected by or |
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forwarded to the comptroller, and to which the qualified hotel |
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project is entitled according to an agreement under this section, |
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in trust in a separate suspense account of the project. A suspense |
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account is outside the state treasury, and the comptroller may make |
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a rebate, refund, or payment authorized by this section without the |
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necessity of an appropriation. The comptroller shall rebate, |
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refund, or pay to each qualified hotel project eligible taxable |
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proceeds to which the project is entitled under this section at |
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least quarterly. |
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SECTION 2. Section 151.429(h), Tax Code, is amended to read |
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as follows: |
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(h) Notwithstanding the other provisions of this section, |
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the owner of a qualified hotel project shall receive a rebate, |
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refund, or payment of 100 percent of the sales and use taxes paid or |
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collected by the qualified hotel project or businesses located in |
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the qualified hotel project pursuant to this chapter and 100 |
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percent of the hotel occupancy taxes paid by persons for the use or |
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possession of or for the right to the use or possession of a room or |
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space at the qualified hotel project pursuant to the provisions of |
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Chapter 156 during the first 10 years after such qualified hotel |
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project is open for initial occupancy. The comptroller shall |
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deposit the taxes in trust in a separate suspense account of the |
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qualified hotel project. A suspense account is outside the state |
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treasury, and the comptroller may make a rebate, refund, or payment |
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authorized by this section without the necessity of an |
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appropriation. The comptroller shall rebate, refund, or pay to |
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each qualified hotel project eligible taxable proceeds to which the |
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project is entitled under this section at least monthly. |
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SECTION 3. This Act takes effect September 1, 2011. |