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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 certain |
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property used to provide low-income and moderate-income housing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (g), Section 11.182, Tax Code, is |
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amended to read as follows: |
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(g) To receive an exemption under Subsection (b) or (f), an |
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organization must annually: |
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(1) have an audit prepared by an independent auditor |
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that includes[. The audit must include] a detailed report on the |
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organization's sources and uses of funds; and |
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(2) deliver a[. A] copy of the audit [must be
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delivered] to the Texas Department of Housing and Community Affairs |
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and to the chief appraiser of the appraisal district in which the |
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property subject to the exemption is located. |
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SECTION 2. Subsections (b) and (c), Section 11.1826, Tax |
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Code, are amended to read as follows: |
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(b) Property may not be exempted under Section 11.1825 for a |
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tax year unless the organization owning or controlling the owner of |
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the property: |
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(1) has an audit prepared by an independent auditor |
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covering the organization's most recent fiscal year that: |
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(A) is[. The audit must be] conducted in |
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accordance with generally accepted accounting principles; and |
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(B) includes[. The audit must include] an |
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opinion on whether: |
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(i) [(1)] the financial statements of the |
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organization present fairly, in all material respects and in |
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conformity with generally accepted accounting principles, the |
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financial position, changes in net assets, and cash flows of the |
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organization; and |
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(ii) [(2)] the organization has complied |
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with all of the terms and conditions of the exemption under Section |
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11.1825; and |
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(2) delivers a copy of the audit in accordance with |
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Subsection (c). |
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(c) Not later than the 180th day after the last day of the |
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organization's most recent fiscal year, the organization must |
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deliver a copy of the audit to the department and the chief |
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appraiser of the appraisal district in which the property is |
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located. The chief appraiser may extend the deadline for good cause |
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shown. |
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SECTION 3. This Act takes effect January 1, 2014. |