Bill Text: TX SB547 | 2019-2020 | 86th Legislature | Introduced
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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-02-21 - Referred to Property Tax [SB547 Detail]
Download: Texas-2019-SB547-Introduced.html
86R4755 JES-D | ||
By: Watson | S.B. No. 547 |
|
||
|
||
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 [ |
||
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 [ |
||
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, 2019. |