78th Texas Legislature, Regular Session, House Bill 3075, Chapter 724 Page: 1 of 7
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CHAPTER 724 H.B. No. 3075
1 AN ACT
2 relating to local agreements to allow certain development
3 corporations and taxing units to invest in and receive tax revenues
4 from certain regional economic development projects.
5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
6 SECTION 1i. Section 4A, Development Corporation Act of 1979
7 (Article 5190.6, Vernon's Texas Civil Statutes), is amended by
8 adding Subsection (u) to read as follows:
9 (u) () In this subsection:
10 (A) "Base taxable value" means the taxable value
11 of property located in the defined area of a project as of January 1
12 of the year in which the agreement is entered into under this
13 subsection.
14 (B) "Corresponding taxing unit" means another
15 taxing unit of the same type of political subdivision as a taxing
16 unit that enters into an agreement under this subsection.
17 (C) "Taxing unit" has the meaning assigned by
18 Section 1.04, Tax Code.
19 (2) Before entering into an agreement under this
20 subsection, the corporation undertaking the project must designate
21 a defined area that includes the territory where the project is to
22 be located.
23 (3) A taxing unit may enter into an agreement with a
24 corporation created under this section to invest in a project that
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Texas. Legislature. House of Representatives. 78th Texas Legislature, Regular Session, House Bill 3075, Chapter 724, legislative document, 2003-05/2003-06; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth158581/m1/1/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.