H-1397

   Amend  the Senate amendment, H-1387, to House File 645, as passed by the House, as follows:
   1.  Page 1, after line 4 by inserting: 
   <Sec. ___.  NEW SECTION.  404.2A  New development revitalization areas —— local taxing authority approval.
   1.  If the revitalization area is a new development revitalization area, a tax exemption schedule authorized under this chapter for which the exemption period begins on or after July 1, 2015, shall not take effect until the governing body of each local taxing authority authorized to certify a levy on property located within the area comprising the revitalization area has adopted a resolution authorizing the tax exemption schedule.
   2.  For the purposes of this subsection, “new development revitalization area” means a revitalization area that meets all of the following conditions:
   a.  Is designated in whole or in part under section 404.1, subsection 5, or is comprised of property in which less than fifty percent of the property meets the description of conditions under section 404.1, subsections 1 and 2.
   b.  Provides or proposes an exemption under this chapter from taxation on value added by improvements to single-family residential property.
   c.  Is either established by a city and covers at least eighty percent of the area within the city limits or is established by a county and covers at least eighty percent of the unincorporated area of the county.>
   2.  Page 5, line 37, after <credits> by inserting <and urban revitalization areas>
   3.  By renumbering as necessary.

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WATTS of Dallas