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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of the TexAmericas Center to incorporate |
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a nonprofit corporation for certain purposes and to the tax |
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treatment of such a nonprofit corporation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 3503, Special District |
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Local Laws Code, is amended by adding Section 3503.111 to read as |
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follows: |
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Sec. 3503.111. NONPROFIT CORPORATIONS. (a) The authority |
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may authorize by resolution the incorporation of a nonprofit |
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corporation under the Business Organizations Code to exercise the |
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powers granted to the authority. A corporation created under this |
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section must be a nonmember, nonstock corporation. |
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(b) The nonprofit corporation may: |
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(1) acquire and hold title to real property and |
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improvements to that property; and |
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(2) collect and remit to the authority income, less |
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expenses, from that real property and from improvements to that |
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property. |
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(c) The board shall appoint the board of directors of the |
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nonprofit corporation. A board member is not required to reside in |
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the authority. |
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SECTION 2. Section 3503.154, Special District Local Laws |
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Code, is amended to read as follows: |
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Sec. 3503.154. EXEMPTION FROM TAXATION. The property, |
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revenue, and income of the authority and of a nonprofit corporation |
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created under Section 3503.111 are exempt from all taxes imposed by |
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the state or a political subdivision of the state. |
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SECTION 3. 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. |