Texas Tax Code 171.062 – Exemption–Nonprofit Corporation Organized for Public Charity
Current as of: 2024 | Check for updates
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Terms Used In Texas Tax Code 171.062
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A nonprofit corporation organized for purely public charity is exempted from the franchise tax.