Texas SB1756 limits municipalities to one pledge of tax revenue for hotel and convention center projects.

Texas SB1756 amends the Tax Code to restrict municipalities from pledging or committing revenue for more than one hotel or convention center project. Once a municipality pledges revenue for a hotel or convention center project, it cannot pledge revenue for another such project. The bill also limits municipalities to one pledge for a multipurpose convention center facility project. These restrictions apply to local government corporations aiding municipalities. The changes do not affect existing bonds or obligations.

Texas SB1756 limits municipalities to one pledge of tax revenue for hotel and convention center projects.

Texas SB1756 amends the Tax Code to restrict municipalities from pledging or committing revenue for more than one hotel or convention center project. Once a municipality pledges revenue for a hotel or convention center project, it cannot pledge revenue for another such project. The bill also limits municipalities to one pledge for a multipurpose convention center facility project. These restrictions apply to local government corporations aiding municipalities. The changes do not affect existing bonds or obligations.