Bill Caption

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

Fiscal Notes

Estimated Two-year Net Impact to General Revenue Related Funds for SB 1649, As Introduced: an impact of $0 through the biennium ending August 31, 2023. 

A negative fiscal impact to the state would begin in fiscal year 2026.

Fiscal Year 2026. Probable Net Positive/(Negative) Impact to General Revenue Related Funds  ($2,330,000).

Bill Analysis

SB 1649 is a bracketed bill to allow the City of Lubbock to receive state tax revenue from a qualified hotel, certain revenue generating enterprises owned by the hotel, and certain businesses within 1000 feet of the qualified hotel.

Vote Recommendation Notes

SB 1649 would perpetuate the use of tax revenue to fund economic development which is another form of wealth redistribution which distorts markets and increases prices for consumers. For these reasons, Texas Action opposes SB 1649.