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AN ACT
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relating to the calculation of the unused increment rate of a taxing |
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unit. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 26.013(a), Tax Code, is amended by |
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adding Subdivisions (1-a) and (1-b) to read as follows: |
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(1-a) "Foregone revenue amount" means the greater of: |
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(A) zero; or |
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(B) the amount expressed in dollars calculated |
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according to the following formula: |
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FOREGONE REVENUE AMOUNT = (VOTER-APPROVAL TAX RATE - ACTUAL |
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TAX RATE) x PRECEDING TOTAL VALUE |
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(1-b) "Preceding total value" means a taxing unit's |
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current total value in the applicable preceding tax year. |
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SECTION 2. Section 26.013(b), Tax Code, is amended to read |
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as follows: |
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(b) In this chapter, "unused increment rate" means the |
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greater of: |
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(1) zero; or |
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(2) the rate expressed in dollars per $100 of taxable |
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value calculated according to the following formula: |
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UNUSED INCREMENT RATE = (YEAR 1 FOREGONE REVENUE AMOUNT + |
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YEAR 2 FOREGONE REVENUE AMOUNT + YEAR 3 FOREGONE REVENUE AMOUNT) / |
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CURRENT TOTAL VALUE [VOTER-APPROVAL TAX RATE - YEAR 1 ACTUAL TAX |
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RATE) + (YEAR 2 VOTER-APPROVAL TAX RATE - YEAR 2 ACTUAL TAX RATE) + |
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(YEAR 3 VOTER-APPROVAL TAX RATE - YEAR 3 ACTUAL TAX RATE)] |
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SECTION 3. This Act takes effect January 1, 2024. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1999 passed the Senate on |
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April 27, 2023, by the following vote: Yeas 29, Nays 2. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1999 passed the House on |
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May 24, 2023, by the following vote: Yeas 134, Nays 4, |
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one present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |