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A BILL TO BE ENTITLED
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AN ACT
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relating to the exemption from ad valorem taxation of property used |
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to provide low-income or moderate-income housing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.1825, Tax Code, is amended by adding |
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Subsection (l-1) to read as follows: |
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(l-1) For purposes of Subsection (l)(2), the person from |
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whom the organization acquired the project is considered to have |
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owned the project during the period in which the person's |
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predecessor in title owned the project if the person from whom the |
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organization acquired the project: |
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(1) acquired the project by foreclosure or a deed in |
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lieu of foreclosure; and |
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(2) is not a parent, subsidiary, or affiliate of the |
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organization. |
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SECTION 2. This Act applies only to ad valorem taxes imposed |
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for 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, 2014. |