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A BILL TO BE ENTITLED
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AN ACT
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relating to reporting requirements for certain nonprofit |
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corporations regarding employee and officer salaries. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 22, Business Organizations Code, is |
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amended by adding Subchapter J to read as follows: |
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SUBCHAPTER J. CERTAIN REPORTS |
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Sec. 22.451. ANNUAL REPORT OF EMPLOYEE AND OFFICER |
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SALARIES. (a) A corporation that is exempt from income taxation |
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under Section 501(a), Internal Revenue Code of 1986, by being |
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listed under Section 501(c)(3) of that code and that receives 25 |
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percent or more of its income from state funding shall prepare and |
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file an annual report with the secretary of state listing the |
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salaries of each of its employees and officers. |
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(b) A corporation required to prepare a report under |
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Subsection (a) shall prepare the report on a form adopted by the |
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secretary of state for that purpose. |
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(c) A corporation required to prepare a report under |
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Subsection (a) shall make the report available to the public at no |
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cost on the corporation's Internet website, if the corporation |
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maintains an Internet website. |
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SECTION 2. As soon as practicable after the effective date |
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of this Act, the secretary of state shall adopt a form and establish |
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a procedure for filing the report required by Section 22.451, |
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Business Organizations Code, as added by this Act. |
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SECTION 3. This Act takes effect September 1, 2017. |