Texas House Bill HB3548

Texas 2015 - 84th Regular

Caption

Relating to the authority of the TexAmericas Center to incorporate a nonprofit corporation for certain purposes and to the tax treatment of such a nonprofit corporation.

Impact

The impact of HB 3548 is significant in terms of state law as it provides a clear structure for how the TexAmericas Center can engage in activities typically reserved for nonprofit entities. By exempting property, revenue, and income from taxes, the bill creates a favorable environment that encourages growth and activity within the TexAmericas Center's jurisdiction. This can lead to increased investment and development opportunities in the area served by the authority, showcasing a proactive approach to economic development in Texas.

Summary

House Bill 3548 authorizes the TexAmericas Center to incorporate nonprofit corporations to facilitate certain operations and manage real estate assets. The act amends the Special District Local Laws Code by allowing the authority to create nonmember, nonstock corporations that can hold title to real property, collect income from their operations, and remit it back to the authority. This development aims to enhance the operational capabilities of the TexAmericas Center, making it easier to manage assets and revenue generation while remaining compliant with state laws.

Sentiment

The sentiment around HB 3548 appears to be generally supportive among lawmakers, particularly those associated with economic development initiatives. Advocates of the bill see it as a vital step in enabling the TexAmericas Center to function more effectively, fostering an environment conducive to growth. However, the bill does not seem to have garnered significant contention, likely due to its focused nature on a specific authority and its operational procedures.

Contention

While there do not seem to be notable points of contention publicly documented regarding the passage of HB 3548, any opposition would likely arise from concerns about tax exemptions and the potential implications for local tax revenues. The broad powers granted to the TexAmericas Center could also raise questions about oversight and accountability. Nonetheless, the bill primarily focuses on empowering the authority and enhancing the economic landscape, which has generally led to consensus among legislators.