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TX HB3291
Bill
Status
2/25/2025
Primary Sponsor
Cole Hefner
Click for details
AI Summary
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Designates projects authorized under Chapter 501 by Type A economic development corporations as being owned, used, and held for a public purpose on behalf of the authorizing municipality
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Exempts leasehold or other possessory interests granted by Type A corporations from taxation provisions under Section 501.160 (Local Government Code) and Section 25.07(a) (Tax Code) while the corporation owns the projects
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Grants ad valorem tax exemption under Section 11.11 of the Tax Code for Type A corporation projects during the period of corporation ownership
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Applies only to ad valorem taxes imposed for tax years beginning on or after the effective date
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Takes effect September 1, 2025
Legislative Description
Relating to the public purpose designation and taxation of certain projects of Type A economic development corporations.
Taxation
Last Action
Referred to Ways & Means
3/20/2025