Honorable René Oliveira, Chair, House Committee on Business & Industry
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1233 by Taylor, Larry (Relating to authorizing certain distributions of income from a nonprofit corporation to members of the corporation who are certain nonprofit corporations.), As Engrossed
No significant fiscal implication to the State is anticipated.
The bill would amend the Business Organizations Code to allow certain corporations to distribute its income to certain members.
The Secretary of State indicates the provisions of the bill could be implemented within existing resources.
The bill would take effect immediately upon receiving a two-thirds majority vote in each house. Otherwise, the bill would take effect September 1, 2015.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.