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TX HB5124
Bill
Status
3/13/2025
Primary Sponsor
Richard Raymond
Click for details
AI Summary
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Allows municipalities with existing sports and community venue sales taxes (under Chapter 334) to convert all or a portion of that tax to an economic development sales tax, subject to voter approval at an election
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Applies only to municipalities that have outstanding bonded indebtedness as of September 1, 2025, for bonds payable from the venue tax revenue
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Conversion takes effect the day after all venue project bonds are paid in full or sufficient funds are set aside in a trust account to pay the bonds
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Municipalities must notify the comptroller at least 60 days before the conversion takes effect, and the conversion cannot change the combined sales tax rate imposed by political subdivisions in the area
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Elections held before the bill's effective date are recognized as valid if the ordinance was published at least 14 days prior and stated the election anticipated enabling legislation
Legislative Description
Relating to the conversion of all or a portion of a municipal sales and use tax originally adopted for the purpose of sports and community venues to a municipal sales and use tax for economic development purposes.
Taxation
Last Action
Referred to Ways & Means
4/7/2025