| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the requirement that the board of directors of certain |
|
|
tax increment reinvestment zones have conducted by the office of |
|
|
the city controller of the municipality that created the zone an |
|
|
annual financial audit. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 311.010, Tax Code, is amended by adding |
|
|
Subsection (k) to read as follows: |
|
|
(k) The board of directors of a reinvestment zone to which |
|
|
this subsection applies shall enter into an agreement with the |
|
|
office of the city controller of the municipality that created the |
|
|
reinvestment zone to have conducted by the office a financial audit |
|
|
of the reinvestment zone at least once each fiscal year of the |
|
|
reinvestment zone. This subsection applies only to a reinvestment |
|
|
zone created by a municipality with a population of at least two |
|
|
million. |
|
|
SECTION 2. Section 311.010(k), Tax Code, as added by this |
|
|
Act, applies only to a fiscal year of a tax increment reinvestment |
|
|
zone that begins on or after the effective date of this Act. |
|
|
SECTION 3. This Act takes effect September 1, 2025. |