The following text was automatically extracted from the image on this page using optical character recognition software:
Chapter 1326 S.B. No. 627 1 AN ACT 2 relating to the participation by certain taxing units in tax 3 increment financing and the payment of tax increments into the tax 4 increment fund for a reinvestment zone. 5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 6 SECTION 1. Section 311.013, Tax Code, is amended by 7 amending Subsection .(c) and adding Subsections (c-l), (f-1), and 8 (f-2) to read as follows: 9 (c) Notwithstanding any termination of the reinvestment 10 zone under Section 311.017(a) and unless otherwise specified by an 11 agreement between the taxing unit and the municipality or county 12 that created the zone, a taxing unit shall make a payment required 13 by Subsection (b) not later than the 90th day after the later of: 14 (1) the delinquency date for the unit's property 15 taxes; or
16 (2) the date the municipality or county that created 17 the zone submits to the taxing unit an invoice specifying the tax 18 increment produced by the taxing unit and the amount the taxing unit 19 is required to pay into the tax increment fund for the zone. 20 (c-1) A delinquent payment incurs a penalty of five percent 21 of the amount delinquent and accrues interest at an annual rate of 22 10 percent. 23 (f-1) This subsection does not apply to a hospital district 24 to which Section 281.095, Health and Safety Code, applies.
Reference the current page of this Legislative Document.
Texas. Legislature. Senate.82nd Texas Legislature, Regular Session, Senate Bill 627, Chapter 1326,
legislative document,
2011-04/2011-06;
[Austin, Texas].
(https://texashistory.unt.edu/ark:/67531/metapth312156/m1/1/:
accessed August 15, 2024),
University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.;
crediting UNT Libraries Government Documents Department.