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

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

FULL TEXT:
AN ACT relating to the authority of certain municipalities to receive certain tax revenue derived from a hotel and convention center project and to pledge certain tax revenue for the payment of obligations related to the project. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 351.153(a), Tax Code, is amended to read as follows: (a) This section applies only to a municipality described by Section 351.152(5), (6), (22), (29), or (58). SECTION 2. Section 351.157(a), Tax Code, is amended to read as follows: (a) In this section, "qualified establishment" means an establishment: (1) that is located on land: (A) owned by a municipality; or (B) owned by: (i) any person if the establishment is located in a municipality described by Section 351.152(3) or (22);(ii) the federal government if the establishment is located in a municipality described by Section 351.152(6); or (iii) a nonprofit corporation, including a public facility corporation, that is acting as or on behalf of, or that is controlled by, a municipality, if the establishment is located in a municipality described by Section 351.152(5); (2) the nearest exterior wall of which is located not more than 1,000 feet from the nearest exterior wall of a qualified hotel or qualified convention center facility; (3) that is constructed: (A) on or after the date the municipality commences a qualified project under this subchapter; or (B) at any time if the establishment is located in a municipality described by Section 351.152(3); (4) that is not a sports stadium; and (5) that is the type of establishment described by Subsection (c-1) from which the municipality is entitled to receive revenue under Subsection (d). 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.