Texas HB3291 designates projects of Type A economic development corporations as public purpose and exempts them from ad valorem taxation.

Texas HB3291 amends the Local Government Code to establish that projects authorized by Chapter 501 are owned, used, and held for a public purpose for the municipality that created the Type A corporation. The bill also exempts these projects from ad valorem taxation under the Tax Code for the period the corporation owns them. This exemption applies to ad valorem taxes for tax years beginning on or after the bill's effective date of September 1, 2025.

Texas HB3291 designates projects of Type A economic development corporations as public purpose and exempts them from ad valorem taxation.

Texas HB3291 amends the Local Government Code to establish that projects authorized by Chapter 501 are owned, used, and held for a public purpose for the municipality that created the Type A corporation. The bill also exempts these projects from ad valorem taxation under the Tax Code for the period the corporation owns them. This exemption applies to ad valorem taxes for tax years beginning on or after the bill's effective date of September 1, 2025.