Bill Text: TX HB752 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the eligibility of property used for affordable housing for ad valorem tax benefits under the Texas Economic Development Act.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-02-23 - Referred to Ways & Means [HB752 Detail]
Download: Texas-2015-HB752-Introduced.html
84R2781 TJB-D | ||
By: Dutton | H.B. No. 752 |
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relating to the eligibility of property used for affordable housing | ||
for ad valorem tax benefits under the Texas Economic Development | ||
Act. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 313.024(b), Tax Code, is amended to read | ||
as follows: | ||
(b) To be eligible for a limitation on appraised value under | ||
this subchapter, the entity must use the property for: | ||
(1) manufacturing; | ||
(2) research and development; | ||
(3) a clean coal project, as defined by Section 5.001, | ||
Water Code; | ||
(4) an advanced clean energy project, as defined by | ||
Section 382.003, Health and Safety Code; | ||
(5) renewable energy electric generation; | ||
(6) electric power generation using integrated | ||
gasification combined cycle technology; | ||
(7) nuclear electric power generation; | ||
(8) a computer center primarily used in connection | ||
with one or more activities described by Subdivisions (1) through | ||
(7) conducted by the entity; [ |
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(9) a Texas priority project; or | ||
(10) affordable housing. | ||
SECTION 2. Section 313.024(e), Tax Code, is amended by | ||
adding Subdivision (8) to read as follows: | ||
(8) "Affordable housing" means housing that is owned | ||
for the purpose of renting the housing to individuals or families | ||
whose median income is not more than 70 percent of the area median | ||
family income for the household's place of residence, as adjusted | ||
for family size and as established by the United States Department | ||
of Housing and Urban Development. | ||
SECTION 3. The changes in law made by this Act apply only to | ||
an agreement entered into under Chapter 313, Tax Code, on or after | ||
the effective date of this Act. An agreement entered into under | ||
that chapter before the effective date of this Act is governed by | ||
the law in effect on the date the agreement was entered into, and | ||
the former law is continued in effect for that purpose. | ||
SECTION 4. This Act takes effect September 1, 2015. |