Enrolled Bill Summary

Senate Bill 113	Senate Author:  West
Effective:  9-1-21	House Sponsor:  Rodriguez

            Senate Bill 113 amends the Local Government Code and Tax Code to revise provisions relating to qualification as a community land trust (CLT) and the taxation of certain property owned by a CLT. Among other provisions, the bill provides that certain subsidiaries of a CLT may also be designated as a CLT and requires that land owned by a CLT and leased to an eligible family and the housing unit located on the land be appraised for property tax purposes using the income method of appraisal and the same capitalization rate that is used to appraise other rent‑restricted properties.