Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the State Legislation topic
No spam. Unsubscribe anytime.
Collin County staff flags House Bill 21 to close housing finance corporation tax loophole
Summary
County staff told commissioners that House Bill 21 would correct a loophole allowing housing finance corporations to buy property and remove it from local tax rolls; commissioners asked staff to track the bill and consider bringing a formal resolution if appropriate.
County staff briefed the Collin County Commissioners Court on House Bill 21, saying the measure is intended to correct a loophole related to housing finance corporations and local tax rolls.
"This one in particular corrects a loophole regarding HFCs," said Russell Schoepner, identifying himself as an administrator, during the court's legislative update. He said the problem involved housing finance corporations buying property in jurisdictions where they did not operate and removing those properties from local tax rolls.
Judge Hill said he supported action on the measure. "I agree with Commissioner Fletcher. This is a good bill," the judge said during the discussion. Commissioners asked staff to continue monitoring the bill and indicated they would consider bringing forward a resolution of support if staff recommended it.
Staff identified the measure as House Bill 21 and described it as addressing instances in which housing finance corporations (HFCs) could purchase property and affect taxing authority and revenue distribution. County staff said Collin County and other area counties and the Metroplex have had properties affected by similar arrangements in the past.
No formal vote or resolution on HB 21 was taken at the meeting; commissioners directed staff to continue watching the bill and notify the court if a formal resolution would be appropriate.
Why it matters: If enacted as described by county staff, the bill could preserve local tax revenue by preventing removal of properties from county tax rolls through certain transfers to housing finance corporations.
