Bill Text: TX HB398 | 2023-2024 | 88th Legislature | Introduced

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Bill Title: Relating to an exemption from ad valorem taxation of property owned by an economic development corporation and used for a public purpose.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-06 - Left pending in committee [HB398 Detail]

Download: Texas-2023-HB398-Introduced.html

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88R2826 RDS-F
By: Shine H.B. No. 398

A BILL TO BE ENTITLED
AN ACT
relating to an exemption from ad valorem taxation of property owned
by an economic development corporation and used for a public
purpose.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 11.11, Tax Code, is amended by adding
Subsection (k) to read as follows:
(k) Property owned by a Type A corporation created under
Chapter 504, Local Government Code, or a Type B corporation created
under Chapter 505 of that code is exempt from taxation if the
property is used for a public purpose.
SECTION 2. The change in law made by this Act applies only
to a tax year beginning on or after the effective date of this Act.
SECTION 3. This Act takes effect January 1, 2024.