By: Ogden  S.B. No. 1591
         (In the Senate - Filed March 10, 2009; March 17, 2009, read
  first time and referred to Committee on Finance; April 14, 2009,
  reported favorably by the following vote:  Yeas 13, Nays 0;
  April 14, 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.  Subsection (b), Section 11.181, 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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