Texas Finance Code

§ 122.106 — EXEMPTION FROM CERTAIN TAXES

FI § 122.106Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. C. OPERATIONS AND FINANCES

Statute text

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(a)Except as provided by Subsection (b), a credit union is exempt from a franchise or other license tax.

(b)A credit union is not exempt from the franchise tax imposed by Chapter 171, Tax Code, unless the credit union is exempted by that chapter.

(c)The intangible property of a credit union organized under this chapter is not taxable.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.