BILL ANALYSIS Senate Research Center S.B. 1120 By: Seliger Intergovernmental Relations 7/15/2011 Enrolled
BILL ANALYSIS
Senate Research Center S.B. 1120
By: Seliger
Intergovernmental Relations
7/15/2011
Enrolled
Senate Research Center
S.B. 1120
By: Seliger
Intergovernmental Relations
7/15/2011
Enrolled
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT S.B. 1120 amends current law relating to the exemption from taxation of property of a local government corporation. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 431.102(b), Transportation Code, to provide that the property of a local government corporation and a transaction to acquire the property is exempt from taxation in the same manner as a corporation created under Chapter 394 (Housing Finance Corporations in Municipalities and Counties), Local Government Code, except that property of a local government corporation created by a municipal power agency that was created under Subchapter C (Municipal Power Agencies), Chapter 163 (Joint Powers Agencies), Utilities Code, is not exempt from ad valorem taxation if the property is located outside of the boundaries of each of the municipalities that created the municipal power agency. SECTION 2. Effective date: upon passage or September 1, 2011.
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
S.B. 1120 amends current law relating to the exemption from taxation of property of a local government corporation.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 431.102(b), Transportation Code, to provide that the property of a local government corporation and a transaction to acquire the property is exempt from taxation in the same manner as a corporation created under Chapter 394 (Housing Finance Corporations in Municipalities and Counties), Local Government Code, except that property of a local government corporation created by a municipal power agency that was created under Subchapter C (Municipal Power Agencies), Chapter 163 (Joint Powers Agencies), Utilities Code, is not exempt from ad valorem taxation if the property is located outside of the boundaries of each of the municipalities that created the municipal power agency.
SECTION 2. Effective date: upon passage or September 1, 2011.