TITLE: Relating to the requirement that the board of directors of certain tax increment reinvestment zones have conducted by the office of the city controller of the municipality that created the zone an annual financial audit.

SUMMARY: Relating to the requirement that the board of directors of certain tax increment reinvestment zones have conducted by the office of the city controller of the municipality that created the zone an annual financial audit.

FULL TEXT:
AN ACT relating to the requirement that the board of directors of certain tax increment reinvestment zones have conducted by the office of the city controller of the municipality that created the zone an annual financial audit. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 311.010, Tax Code, is amended by adding Subsection (k) to read as follows: (k) The board of directors of a reinvestment zone to which this subsection applies shall enter into an agreement with the office of the city controller of the municipality that created the reinvestment zone to have conducted by the office a financial audit of the reinvestment zone at least once each fiscal year of the reinvestment zone. This subsection applies only to a reinvestment zone created by a municipality with a population of at least two million. SECTION 2. Section 311.010(k), Tax Code, as added by this Act, applies only to a fiscal year of a tax increment reinvestment zone that begins on or after the effective date of this Act. SECTION 3. This Act takes effect September 1, 2025.