Texas SB2588 allows municipalities to convert sales and use taxes originally for sports and community venues to taxes for economic development.

Texas SB2588 amends the Local Government Code to allow municipalities to convert sales and use taxes originally adopted for sports and community venues to taxes for economic development. The conversion requires voter approval in an election. If approved, the conversion abolishes or reduces the rate of the original tax and imposes a new tax at the same rate or a reduced rate. The conversion takes effect after all related bonds are paid or funds are set aside. The bill also outlines procedures for elections and notifications to the comptroller.

Texas SB2588 allows municipalities to convert sales and use taxes originally for sports and community venues to taxes for economic development.

Texas SB2588 amends the Local Government Code to allow municipalities to convert sales and use taxes originally adopted for sports and community venues to taxes for economic development. The conversion requires voter approval in an election. If approved, the conversion abolishes or reduces the rate of the original tax and imposes a new tax at the same rate or a reduced rate. The conversion takes effect after all related bonds are paid or funds are set aside. The bill also outlines procedures for elections and notifications to the comptroller.