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Under current law, any taxing unit other than a school district may enter into a tax abatement agreement with an owner of property located in a reinvestment zone. Agreements must be approved by a board of directors of a reinvestment zone and the governing body of a taxing unit.
HB 1626 amends Tax Code relating to the approval of tax abatement agreements with special property tax provisions in the tax increment financing act. The bill would exempt agreements from being approved by either board if the taxing unit does not deposit any tax increment into the tax increment fund.