Bill Text: TX SB282 | 2015-2016 | 84th Legislature | Introduced

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Bill Title: Relating to the period for which certain property acquired by a charitable organization to provide low-income housing may be exempted from ad valorem taxation.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2015-01-28 - Referred to Finance [SB282 Detail]

Download: Texas-2015-SB282-Introduced.html

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84R3296 LEH-D
By: Watson S.B. No. 282

A BILL TO BE ENTITLED
AN ACT
relating to the period for which certain property acquired by a
charitable organization to provide low-income housing may be
exempted from ad valorem taxation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 11.181(b), Tax Code, is amended to read
as follows:
(b) Property may not be exempted under Subsection (a) after
the 10th [fifth] anniversary of the date the organization acquires
the property. Property that received an exemption under Section
11.1825 and that was subsequently transferred by the organization
described by that section that qualified for the exemption to an
organization described by this section may not be exempted under
Subsection (a) after the 10th [fifth] anniversary of the date the
transferring organization acquired the property.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2015.