By: Uresti H.B. No. 2674
Substitute the following for H.B. No. 2674:
By: Oliveira C.S.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) Except as provided by Subsection (d), 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.
(d) This section does not apply to a corporation that is a
church, an ecclesiastical or denominational organization, or
another established physical place for worship at which religious
services are the primary activity and are regularly conducted.
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.