84R3296 LEH-D
 
  By: King of Taylor H.B. No. 2872
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the period for which 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 10th [fifth] anniversary of the date the organization acquires
  the property.  Property that received an exemption under Section
  11.1825 and that was subsequently transferred by the organization
  described by that section that qualified for the exemption to an
  organization described by this section may not be exempted under
  Subsection (a) after the 10th [fifth] anniversary of the date the
  transferring organization acquired 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, 2015.