Texas Finance Code 122.106 – Exemption From Certain Taxes
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(a) Except as provided by Subsection (b), a credit union is exempt from a franchise or other license tax.
(b) A credit union is not exempt from the franchise tax imposed by Chapter 171, Tax Code, unless the credit union is exempted by that chapter.
Terms Used In Texas Finance Code 122.106
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
(c) The intangible property of a credit union organized under this chapter is not taxable.