By: Eltife S.B. No. 1563
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the authority of the TexAmericas Center to incorporate
  a nonprofit corporation for certain purposes and to the tax
  treatment of such a nonprofit corporation.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 3503, Special District
  Local Laws Code, is amended by adding Section 3503.111 to read as
  follows:
         Sec. 3503.111.  NONPROFIT CORPORATIONS. (a)  The authority
  may authorize by resolution the incorporation of a nonprofit
  corporation under the Business Organizations Code to exercise the
  powers granted to the authority.  A corporation created under this
  section must be a nonmember, nonstock corporation.
         (b)  Each nonprofit corporation created under this section
  may:
               (1)  acquire and hold title to real property and
  improvements to that property; and
               (2)  collect and remit to the authority income, less
  expenses, from that real property and from improvements to that
  property.
         (c)  The board shall appoint the board of directors of each
  nonprofit corporation created under this section.  A board member
  is not required to reside in the authority.
         (d)  A board member or employee of the authority may
  simultaneously serve as a member of the board of directors of a
  nonprofit corporation.  A person serving as a board member of the
  authority and of a nonprofit corporation created by the authority
  may participate in all votes relating to the business of the
  authority or the corporation, regardless of any statutory
  prohibition.
         SECTION 2.  Section 3503.154, Special District Local Laws
  Code, is amended to read as follows:
         Sec. 3503.154.  EXEMPTION FROM TAXATION. The property,
  revenue, and income of the authority and of each nonprofit
  corporation created under Section 3503.111 are exempt from all
  taxes imposed by the state or a political subdivision of the state.
         SECTION 3.  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.