By: Hilderbran, Guillen (Senate Sponsor - Ogden) H.B. No. 2555

(In the Senate - Received from the House April 23, 2009; April 23, 2009, read first time and referred to Committee on Finance; May 22, 2009, reported favorably by the following vote: Yeas 10, Nays 0; May 22, 2009, sent to printer.)

A BILL TO BE ENTITLED

AN ACT

relating to the length of time 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 fifth [third] anniversary of the date the organization acquires 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, 2009.

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