| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the exemption from ad valorem taxation of certain |
|
|
property owned by the TexAmericas Center. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter D, Chapter 3503, Special District |
|
|
Local Laws Code, is amended by adding Section 3503.1541 to read as |
|
|
follows: |
|
|
Sec. 3503.1541. CERTAIN PROPERTY EXEMPT FROM TAXATION. (a) |
|
|
A leasehold or other possessory interest granted to a person by the |
|
|
authority or by a nonprofit corporation holding title for the |
|
|
authority is owned, used, and held for a public purpose for and on |
|
|
behalf of the authority and is exempt from taxation under Section |
|
|
11.11, Tax Code. |
|
|
(b) Section 25.07(a), Tax Code, does not apply to a |
|
|
leasehold or other possessory interest granted to a person by the |
|
|
authority or by a nonprofit corporation holding title for the |
|
|
authority during the period the authority or nonprofit corporation |
|
|
owns the estate or interest encumbered by the possessory interest. |
|
|
SECTION 2. This Act applies only to an ad valorem tax year |
|
|
that begins on or after the effective date of this Act. |
|
|
SECTION 3. This Act takes effect January 1, 2020. |