By: Eltife S.B. No. 1563
(In the Senate - Filed March 12, 2015; March 23, 2015, read
first time and referred to Committee on Intergovernmental
Relations; April 22, 2015, reported adversely, with favorable
Committee Substitute by the following vote: Yeas 5, Nays 0;
April 22, 2015, sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 1563 By: Menéndez
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) Each nonprofit corporation created under this section
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 each
nonprofit corporation created under this section. A board member
is not required to reside in the authority.
(d) A board member or employee of the authority may
simultaneously serve as a member of the board of directors of a
nonprofit corporation. A person serving as a board member of the
authority and of a nonprofit corporation created by the authority
may participate in all votes relating to the business of the
authority or the corporation, regardless of any statutory
prohibition.
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 each 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.
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