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A BILL TO BE ENTITLED
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AN ACT
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relating to an exemption from ad valorem taxation of property owned |
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by an economic development corporation and used for a public |
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purpose. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.11, Tax Code, is amended by adding |
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Subsection (k) to read as follows: |
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(k) Property owned by a Type A corporation created under |
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Chapter 504, Local Government Code, or a Type B corporation created |
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under Chapter 505 of that code is exempt from taxation if the |
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property is used for a public purpose. |
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SECTION 2. The change in law made by this Act applies only |
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to a tax year beginning on or after the effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2024. |