79th Texas Legislature, Regular Session, Senate Bill 771, Chapter 1347 Page: 5 of 8
8 p.View a full description of this legislative document.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
275
S.B. No. 771
from the tax increment fund for the zone an amount equal to the tax
increment produced by the municipality and paid into the tax
increment fund for the zone-to pay the incremental costs of
providing municipal services incurred as a result of the creation
of the zone or the development or redevelopment of the land in the
zone, regardless of whether the costs of those services are
identified in the project plan or reinvestment zone financing plan
for the zone.
SECTION 5. Section 311.013, Tax Code, is amended by
amending Subsection (b) and adding Subsections (1) and (m) to read
as follows:
(b) Each taxing unit shall pay into the tax increment fund
for the zone an amount equal to the tax increment produced by the
unit, less the sum of:
(1) property taxes produced from the tax increments
that are, by contract executed before the designation of the area as
a reinvestment zone, required to be paid by the unit to another
political subdivision; and
(2) for a taxing unit other than the municipality that
created the zone! a portion, not to exceed 15 percent, of the tax
increment produced by the unit as provided by the reinvestment zone
financing plan or a larger portion as provided by Subsection (f).
(1) The governing body of a municipality that designates an
area as a reinvestment zone may determine, in the designating
ordinance adopted under Section 311.003 or in the ordinance adopted
under Section 311.011 approving the reinvestment zone financing
plan for the zone, the portion of the tax increment produced by the__ _
5___
Upcoming Pages
Here’s what’s next.
Search Inside
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
Texas. Legislature. Senate. 79th Texas Legislature, Regular Session, Senate Bill 771, Chapter 1347, legislative document, June 18, 2005; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth157884/m1/5/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.