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Definitions. The following phrases, words and terms, when used in this section, shall have the following meanings, unless the context clearly indicates otherwise. (1)Agreement--the written agreement between the governing body of a school district and the property owner to implement a limitation on the appraised value of qualified property, required by Tax Code, §313.027(d). (2)Applicant--a person or an "affiliated group," as defined in Tax Code, §171.0001, who has applied for a limitation of appraised value on qualified property as provided by Tax Code, Chapter 313, and is subject to Tax Code, Chapter 171. (3)Application--the Application for Appraised Value Limitation on Qualified Property, adopted by reference in §9.1052 of this title (relating to Forms). (4)Application review period--the period of time during which the governing body of a school district is required to consider and approve or disapprove an Application for Appraised Value Limitation on Qualified Property. The application review period begins on the day an Application for Appraised Value Limitation on Qualified Property is filed with a school district and ends on the 120th day after the date on which the application is filed. (5)Qualified property--property that meets the requirements of Tax Code, §313.021(2), and that is used either as an integral part, or as a necessary auxiliary part, in manufacturing, research and development, a clean coal project, an advanced clean energy project, renewable energy electric generation, electric power generation using integrated gasification combined cycle technology, or nuclear electric power generation. (6)Tax credit settle-up--the process by which tax credit amounts earned by a Chapter 313 recipient which are not paid during the value limitation period are paid following the expiration of the value limitation.
This agency hereby certifies that the proposal has
been reviewed by legal counsel and found to be within the agency's
legal authority to adopt.
Filed with the Office
of the Secretary of State on October 29, 2007
TRD-200705197 Martin Cherry
General Counsel
Comptroller of Public
Accounts
Earliest possible date of adoption: December 9, 2007
For further information, please call: (512) 475-0387
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