85R9753 EES-D
By: Uresti H.B. No. 2674
A BILL TO BE ENTITLED
AN ACT
relating to reporting requirements for certain nonprofit
corporations regarding employee and officer salaries.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 22, Business Organizations Code, is
amended by adding Subchapter J to read as follows:
SUBCHAPTER J. CERTAIN REPORTS
Sec. 22.451. ANNUAL REPORT OF EMPLOYEE AND OFFICER
SALARIES. (a) A corporation that is exempt from income taxation
under Section 501(a), Internal Revenue Code of 1986, by being
listed under Section 501(c)(3) of that code and that receives 25
percent or more of its income from state funding shall prepare and
file an annual report with the secretary of state listing the
salaries of each of its employees and officers.
(b) A corporation required to prepare a report under
Subsection (a) shall prepare the report on a form adopted by the
secretary of state for that purpose.
(c) A corporation required to prepare a report under
Subsection (a) shall make the report available to the public at no
cost on the corporation's Internet website, if the corporation
maintains an Internet website.
SECTION 2. As soon as practicable after the effective date
of this Act, the secretary of state shall adopt a form and establish
a procedure for filing the report required by Section 22.451,
Business Organizations Code, as added by this Act.
SECTION 3. This Act takes effect September 1, 2017.