Bill Text: TX SB450 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Relating to the deadline for certain economic development corporations to file a certain report with the comptroller.
Sponsorship: Bipartisan Bill
Status: (Passed) 2019-04-25 - Effective on 9/1/19 [SB450 Detail]
Download: Texas-2019-SB450-Enrolled.html
| S.B. No. 450 | ||
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| relating to the deadline for certain economic development | ||
| corporations to file a certain report with the comptroller. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 502.151(a), Local Government Code, is | ||
| amended to read as follows: | ||
| (a) Not later than April [ |
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| board of directors of a corporation shall submit a report to the | ||
| comptroller that includes: | ||
| (1) a statement of: | ||
| (A) the corporation's primary economic | ||
| development objectives; | ||
| (B) the corporation's total revenue during the | ||
| preceding fiscal year; | ||
| (C) the corporation's total expenditures during | ||
| the preceding fiscal year; and | ||
| (D) the corporation's total expenditures during | ||
| the preceding fiscal year in each of the following categories: | ||
| (i) administration; | ||
| (ii) personnel; | ||
| (iii) marketing or promotion; | ||
| (iv) direct business incentives; | ||
| (v) job training; | ||
| (vi) debt service; | ||
| (vii) capital costs; | ||
| (viii) affordable housing; and | ||
| (ix) payments to taxing units, including | ||
| school districts; | ||
| (2) a list of the corporation's capital assets, | ||
| including land and buildings; and | ||
| (3) any other information the comptroller requires to | ||
| determine the use of the sales and use tax imposed under Chapter 504 | ||
| or 505 to encourage economic development in this state. | ||
| SECTION 2. This Act takes effect September 1, 2019. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 450 passed the Senate on | ||
| March 27, 2019, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 450 passed the House on | ||
| April 11, 2019, by the following vote: Yeas 146, Nays 0, one | ||
| present not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
