82nd Texas Legislature, Regular Session, Senate Bill 627, Chapter 1326 Page: 1 of 4
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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; or16 (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.1
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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/?rotate=90: accessed August 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.