Texas HB5124 allows municipalities to convert sales and use taxes originally for sports and community venues to taxes for economic development.

HB5124 amends the Local Government Code to allow a municipality to convert a sales and use tax originally adopted for sports and community venues to a tax for economic development. The conversion requires voter approval in a municipal election. If approved, the conversion abolishes or reduces the original tax rate and imposes a new tax rate for economic development. The conversion takes effect after all related bonds are paid off or sufficient funds are set aside. The bill also outlines procedures for municipal elections and notifications to the comptroller.

Texas HB5124 allows municipalities to convert sales and use taxes originally for sports and community venues to taxes for economic development.

HB5124 amends the Local Government Code to allow a municipality to convert a sales and use tax originally adopted for sports and community venues to a tax for economic development. The conversion requires voter approval in a municipal election. If approved, the conversion abolishes or reduces the original tax rate and imposes a new tax rate for economic development. The conversion takes effect after all related bonds are paid off or sufficient funds are set aside. The bill also outlines procedures for municipal elections and notifications to the comptroller.