Honorable Harvey Hilderbran, Chair, House Committee on Ways & Means
Ursula Parks, Director, Legislative Budget Board
HB2636 by Frullo (Relating to the transfer of money from the tax increment fund established for a tax increment financing reinvestment zone to the fund established for an adjacent zone.), As Introduced
This bill would amend Chapter 311, Tax Code (the Tax Increment Financing Act).
The bill would take effect September 1, 2013.
A new Subsection (f) would be added to Section 311.014 to provide that money may be transferred between tax increment funds of adjacent reinvestment zones if the taxing units participating in each zone are the same, if each participating taxing unit has agreed to deposit the same portion of its tax increment in the fund for each zone, if each participating taxing unit agrees to the transfer, and if the holders of any tax increment bonds or notes issued for the zone from which money is to be transferred have agreed to the transfer.
The bill provides only for transfers of money between funds of the same taxing units and thus would have no revenue implications.
304 Comptroller of Public Accounts
UP, KK, SD