TITLE: Relating to the authority of certain municipalities to pledge certain tax revenue for the payment of obligations related to, and receive certain tax revenue derived from, a hotel and convention center project.

SUMMARY: Relating to the authority of certain municipalities to pledge certain tax revenue for the payment of obligations related to, and receive certain tax revenue derived from, a hotel and convention center project.

FULL TEXT:
AN ACT relating to the authority of certain municipalities to pledge certain tax revenue for the payment of obligations related to, and receive certain tax revenue derived from, a hotel and convention center project. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 351.1022(a), Tax Code, is amended to read as follows: (a) This section applies only to:(1) a municipality described by Section 351.102(e)(3);and (2) a municipality described by Section 351.152(14).SECTION 2. Section 351.157(e), Tax Code, is amended to read as follows: (e) A municipality to which this section applies,other than a municipality described by Section 351.152(14), is not entitled to receive revenue under Subsection (d) unless the municipality commences a qualified project under this subchapter before September 1, 2027. SECTION 3. 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.