HB2408 - Relating to the authority of certain municipalities to pledge certain tax revenue for the payment of obligations related to, and receive certain tax revenue derived from, a hotel and convention center project.

  89R11809 RDS-F     By: Tepper H.B. No. 2408       A BILL TO BE ENTITLED   AN ACT   relating to the authority of certain municipalities to pledge   certain tax revenue for the payment of obligations related to, and   receive certain tax revenue derived from, a hotel and convention   center project.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 351.1022(a), Tax Code, is amended to   read as follows:          (a)  This section applies only to :                 (1)   a municipality described by Section   351.102(e)(3) ; and                 (2)  a municipality described by Section 351.152(14) .          SECTION 2.  Section 351.157(e), Tax Code, is amended to read   as follows:          (e)  A municipality to which this section applies , other than   a municipality described by Section 351.152(14), is not entitled to   receive revenue under Subsection (d) unless the municipality   commences a qualified project under this subchapter before   September 1, 2027.          SECTION 3.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2025.