| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R3296 LEH-D | |
| 2 | 2 | By: King of Taylor H.B. No. 2872 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the period for which certain property acquired by a | |
| 8 | 8 | charitable organization to provide low-income housing may be | |
| 9 | 9 | exempted from ad valorem taxation. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Section 11.181(b), Tax Code, is amended to read | |
| 12 | 12 | as follows: | |
| 13 | 13 | (b) Property may not be exempted under Subsection (a) after | |
| 14 | 14 | the 10th [fifth] anniversary of the date the organization acquires | |
| 15 | 15 | the property. Property that received an exemption under Section | |
| 16 | 16 | 11.1825 and that was subsequently transferred by the organization | |
| 17 | 17 | described by that section that qualified for the exemption to an | |
| 18 | 18 | organization described by this section may not be exempted under | |
| 19 | 19 | Subsection (a) after the 10th [fifth] anniversary of the date the | |
| 20 | 20 | transferring organization acquired the property. | |
| 21 | 21 | SECTION 2. This Act takes effect immediately if it receives | |
| 22 | 22 | a vote of two-thirds of all the members elected to each house, as | |
| 23 | 23 | provided by Section 39, Article III, Texas Constitution. If this | |
| 24 | 24 | Act does not receive the vote necessary for immediate effect, this | |
| 25 | 25 | Act takes effect September 1, 2015. |