SB3028 - Relating to the authority of certain municipalities and local government corporations to use certain tax revenue for certain qualified projects.

      By: Menéndez S.B. No. 3028               A BILL TO BE ENTITLED   AN ACT   relating to the authority of certain municipalities and local   government corporations to use certain tax revenue for certain   qualified projects.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 351.1015, Tax Code, is amended by   amending Subsection (k) to read as follows:           This subsection applies only to For a municipality described   by Subsection (b)(2) , .   t T he term "qualified project" means only a   convention center facility or a venue described by Section   334.001(4)(A), Local Government Code, and any related   infrastructure.   Commencement of any one qualified project   designated by the municipality in accordance with this Section   within the specified period described in Subsection (g) shall   satisfy the requirements of that subsection and permit the use of   project financing zone revenues on all designated qualified   projects.          SECTION 2.  Section 351.1015, Tax Code, is amended by adding   Subsection (l) to read as follows:           (l)     A municipality described by Subsection (b)(2), after   designation of a project financing zone under Subsection (a)(4) and   notification to the comptroller under Subsection (f), may, by   ordinance, designate additional qualified projects within a zone,   provided that any such additional qualified project shall:                 (1)  comply with the requirements of Subsection (k);                 (2)     with respect to an outer wall of the added   qualified project, be within 1,000 feet of the outer wall of an   already-designated qualified project; and                 (3)     not act to extend the duration or boundaries of the   established project financing zone or the period of time by which   the requirements of Subsection (g) are satisfied.   A municipality   that adds a qualified project to a project financing zone under this   Subsection shall notify the comptroller of such addition not later   than the 30th day after the date the municipality adopts the   ordinance adding such qualified project.   Upon provision of such   notice to the Comptroller, the added qualified project shall   constitute a qualified project for all purposes of this Section   except for establishing the boundaries and duration of the project   financing zone under Subsection (a)(4) and for determining   compliance with the requirements of Subsection (g).            SECTION 2.  This Act takes effect September 1, 2025.