88R2826 RDS-F
By: Shine H.B. No. 398
A BILL TO BE ENTITLED
AN ACT
relating to an exemption from ad valorem taxation of property owned
by an economic development corporation and used for a public
purpose.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 11.11, Tax Code, is amended by adding
Subsection (k) to read as follows:
(k) Property owned by a Type A corporation created under
Chapter 504, Local Government Code, or a Type B corporation created
under Chapter 505 of that code is exempt from taxation if the
property is used for a public purpose.
SECTION 2. The change in law made by this Act applies only
to a tax year beginning on or after the effective date of this Act.
SECTION 3. This Act takes effect January 1, 2024.