Bill Text: TX SB193 | 2013-2014 | 83rd Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
  83R1984 DDT-F
 
  By: West S.B. No. 193
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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.  Section 11.182(g), 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 [. The audit must include] a detailed report on the
  organization's sources and uses of funds; and
               (2)  deliver a [. A] copy of the audit [must be
  delivered] to the Texas Department of Housing and Community Affairs
  and to the chief appraiser of the appraisal district in which the
  property subject to the exemption is located.
         SECTION 2.  Sections 11.1826(b) and (c), 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 [. The audit must be] conducted in
  accordance with generally accepted accounting principles; and
                     (B)  includes [. The audit must include] an
  opinion on whether:
                           (i) [(1)]  the financial statements of the
  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) [(2)]  the organization has complied
  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.
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