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A BILL TO BE ENTITLED
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AN ACT
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relating to the period for which certain property acquired by a |
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charitable organization to provide low-income housing may be |
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exempted from ad valorem taxation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.181(b), Tax Code, is amended to read |
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as follows: |
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(b) Property may not be exempted under Subsection (a) after |
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the 10th [fifth] anniversary of the date the organization acquires |
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the property. Property that received an exemption under Section |
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11.1825 and that was subsequently transferred by the organization |
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described by that section that qualified for the exemption to an |
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organization described by this section may not be exempted under |
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Subsection (a) after the 10th [fifth] anniversary of the date the |
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transferring organization acquired the property. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |