Bill Text: TX SB193 | 2013-2014 | 83rd Legislature | Enrolled
Bill Title: Relating to the exemption from ad valorem taxation of certain property used to provide low-income and moderate-income housing.
Spectrum: Bipartisan Bill
Status: (Passed) 2013-06-14 - Effective on 1/1/14 [SB193 Detail]
Download: Texas-2013-SB193-Enrolled.html
S.B. No. 193 |
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relating to the exemption from ad valorem taxation of certain | ||
property used to provide low-income and moderate-income housing. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subsection (g), Section 11.182, Tax Code, is | ||
amended to read as follows: | ||
(g) To receive an exemption under Subsection (b) or (f), an | ||
organization must annually: | ||
(1) have an audit prepared by an independent auditor | ||
that includes[ |
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organization's sources and uses of funds; and | ||
(2) deliver a[ |
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and to the chief appraiser of the appraisal district in which the | ||
property subject to the exemption is located. | ||
SECTION 2. Subsections (b) and (c), Section 11.1826, Tax | ||
Code, are amended to read as follows: | ||
(b) Property may not be exempted under Section 11.1825 for a | ||
tax year unless the organization owning or controlling the owner of | ||
the property: | ||
(1) has an audit prepared by an independent auditor | ||
covering the organization's most recent fiscal year that: | ||
(A) is[ |
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accordance with generally accepted accounting principles; and | ||
(B) includes[ |
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opinion on whether: | ||
(i) [ |
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organization present fairly, in all material respects and in | ||
conformity with generally accepted accounting principles, the | ||
financial position, changes in net assets, and cash flows of the | ||
organization; and | ||
(ii) [ |
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with all of the terms and conditions of the exemption under Section | ||
11.1825; and | ||
(2) delivers a copy of the audit in accordance with | ||
Subsection (c). | ||
(c) Not later than the 180th day after the last day of the | ||
organization's most recent fiscal year, the organization must | ||
deliver a copy of the audit to the department and the chief | ||
appraiser of the appraisal district in which the property is | ||
located. The chief appraiser may extend the deadline for good cause | ||
shown. | ||
SECTION 3. This Act takes effect January 1, 2014. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I hereby certify that S.B. No. 193 passed the Senate on | ||
March 13, 2013, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
I hereby certify that S.B. No. 193 passed the House on | ||
May 17, 2013, by the following vote: Yeas 134, Nays 0, two | ||
present not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
Approved: | ||
______________________________ | ||
Date | ||
______________________________ | ||
Governor |