Bill Text: TX SB1563 | 2015-2016 | 84th Legislature | Enrolled
Bill Title: 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.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Enrolled - Dead) 2015-06-16 - Effective immediately [SB1563 Detail]
Download: Texas-2015-SB1563-Enrolled.html
| S.B. No. 1563 | ||
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| 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. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 1563 passed the Senate on | ||
| April 30, 2015, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 1563 passed the House on | ||
| May 22, 2015, by the following vote: Yeas 140, Nays 0, two | ||
| present not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
