84R9948 CJC-D
By: Eltife S.B. No. 1563
A BILL TO BE ENTITLED
AN ACT
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.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter C, Chapter 3503, Special District
Local Laws Code, is amended by adding Section 3503.111 to read as
follows:
Sec. 3503.111. NONPROFIT CORPORATIONS. (a) The authority
may authorize by resolution the incorporation of a nonprofit
corporation under the Business Organizations Code to exercise the
powers granted to the authority. A corporation created under this
section must be a nonmember, nonstock corporation.
(b) The nonprofit corporation may:
(1) acquire and hold title to real property and
improvements to that property; and
(2) collect and remit to the authority income, less
expenses, from that real property and from improvements to that
property.
(c) The board shall appoint the board of directors of the
nonprofit corporation. A board member is not required to reside in
the authority.
SECTION 2. Section 3503.154, Special District Local Laws
Code, is amended to read as follows:
Sec. 3503.154. EXEMPTION FROM TAXATION. The property,
revenue, and income of the authority and of a nonprofit corporation
created under Section 3503.111 are exempt from all taxes imposed by
the state or a political subdivision of the state.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2015.