Bill Text: TX SB834 | 2023-2024 | 88th Legislature | Introduced

Texas Senate Bill 834

Introduced

Bill Title: Relating to an exemption from ad valorem taxation of certain royalty interests owned by a charitable organization.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-01 - Referred to Local Government [SB834 Detail]

Download: Texas-2023-SB834-Introduced.html

	88R3245 LHC-D

	By: King	S.B. No. 834



	A BILL TO BE ENTITLED
	AN ACT
	relating to an exemption from ad valorem taxation of certain
	royalty interests owned by a charitable organization.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 11.18(a), Tax Code, is amended to read as
	follows:
	(a) An organization that qualifies as a charitable
	organization as provided by this section is entitled to an
	exemption from taxation of:
	(1) the buildings and tangible personal property that:
	(A) are owned by the charitable organization; and
	(B) except as permitted by Subsection (b), are
	used exclusively by qualified charitable organizations; [~~and~~]
	(2) the real property owned by the charitable
	organization consisting of:
	(A) an incomplete improvement that:
	(i) is under active construction or other
	physical preparation; and
	(ii) is designed and intended to be used
	exclusively by qualified charitable organizations; and
	(B) the land on which the incomplete improvement
	is located that will be reasonably necessary for the use of the
	improvement by qualified charitable organizations; and
	(3) a royalty interest, as defined by Section 201.001,
	owned by the organization.
	SECTION 2. This Act applies only to ad valorem taxes imposed
	for a tax year beginning on or after the effective date of this Act.
	SECTION 3. This Act takes effect January 1, 2024.