Texas Tax Code 171.068 – Exemption–Nonprofit Corporation Organized to Provide Cooperative Housing
Current as of: 2024 | Check for updates
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Terms Used In Texas Tax Code 171.068
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
A nonprofit corporation engaged solely in the business of owning residential property for the purpose of providing cooperative housing for persons is exempted from the franchise tax.