Texas Tax Code

§ 11.231 — NONPROFIT COMMUNITY BUSINESS ORGANIZATION PROVIDING ECONOMIC DEVELOPMENT SERVICES TO LOCAL COMMUNITY

TX § 11.231Title 1. PROPERTY TAX CODE · Part C. TAXABLE PROPERTY AND EXEMPTIONS · Ch. 11. TAXABLE PROPERTY AND EXEMPTIONS · Art. B. EXEMPTIONS

Statute text

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(a)In this section, "nonprofit community business organization" means an organization that meets the following requirements:

(1)the organization has been in existence for at least the preceding five years;

(2)the organization:

(A)is a nonprofit corporation organized under the Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) or a nonprofit corporation formed under the Texas Nonprofit Corporation Law, as described by Section 1.008, Business Organizations Code;

(B)is a nonprofit organization described by Section 501(c)(6), Internal Revenue Code of 1986; and

(C)is not a statewide organization;

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Legislative history

Acts 2015, 84th Leg., R.S., Ch. 1255 (H.B. 1905), Sec. 20(a), eff. January 1, 2016.