BILL ANALYSIS
Senate Research Center H.B. 2555
81R3477 JE-D By: Hilderbran, Guillen (Ogden)
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
Charitable organizations that provide low-income housing have expressed concern that three years of tax exempt status is often not long enough to develop acquired property.
H.B. 2555 prohibits property from being exempted after the fifth anniversary of the date the organization acquires the property.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 11.181(b), Tax Code, to prohibit property from being exempted under Subsection (a) (relating to an organization's entitlement to an exemption from taxation of improved or unimproved real property it owns if the organization meets certain criteria) after the fifth, rather than third, anniversary of the date the organization acquires the property.
SECTION 2. Effective date: upon passage or September 1, 2009.