Bill Text: TX SB1658 | 2015-2016 | 84th Legislature | Comm Sub
Bill Title: Relating to a study and report on the establishment of a franchise tax credit for the development of low income housing.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-05-19 - Not again placed on intent calendar [SB1658 Detail]
Download: Texas-2015-SB1658-Comm_Sub.html
By: Watson | S.B. No. 1658 | |
(In the Senate - Filed March 13, 2015; March 23, 2015, read | ||
first time and referred to Committee on Intergovernmental | ||
Relations; May 12, 2015, reported adversely, with favorable | ||
Committee Substitute by the following vote: Yeas 5, Nays 2; | ||
May 12, 2015, sent to printer.) | ||
COMMITTEE SUBSTITUTE FOR S.B. No. 1658 | By: Lucio |
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relating to a study and report on the establishment of a franchise | ||
tax credit for the development of low income housing. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. (a) In this Act, "department" means the Texas | ||
Department of Housing and Community Affairs. | ||
(b) The department shall conduct a study to evaluate the | ||
feasibility, methods, and costs of establishing a franchise tax | ||
credit for the development of low income housing. | ||
(c) In conducting the study, the department shall: | ||
(1) evaluate and identify any sources of funding that | ||
might be available to cover the probable cost of the credit; | ||
(2) evaluate methods that have been implemented by | ||
other states to provide a similar tax credit for the development of | ||
low income housing and identify the method or methods that have | ||
resulted in the greatest increase in the number of affordable | ||
housing units; | ||
(3) consider potential credit amounts and estimate: | ||
(A) the number of affordable housing units that | ||
would result from each credit amount; and | ||
(B) the probable cost of each credit amount; | ||
(4) estimate any tax savings to businesses that would | ||
result if the credit could be sold or exchanged; and | ||
(5) identify the state agency or agencies that could | ||
most efficiently implement and administer the credit. | ||
(d) The comptroller of public accounts shall assist the | ||
department in conducting the study at the department's request. | ||
(e) Not later than September 1, 2016, the department shall | ||
submit to the legislature a written report on the results of the | ||
study and any recommendations for legislative or other action. | ||
(f) This Act expires September 1, 2017. | ||
SECTION 2. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2015. | ||
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