Tex. Tax Code § 171.082 · Subchapter B. EXEMPTIONS
EXEMPTION--CERTAIN HOMEOWNERS' ASSOCIATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A nonprofit corporation is exempted from the franchise tax if:
(1) the corporation is organized and operated primarily to obtain, manage, construct, and maintain the property in or of a residential condominium or residential real estate development; and
(2) the owners of individual lots, residences, or residential units control at least 51 percent of the votes of the corporation and that voting control, however acquired, is not held by:
(A) a single individual or family; or
(B) one or more developers, declarants, banks, investors, or other similar parties.
(b) For purposes of this section, a condominium project is considered residential if the project is legally restricted for use as residences. A real estate development is considered residential if the property is legally restricted for use as residences.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 2758, ch. 752, Sec. 4, eff. May 1, 1982. Amended by Acts 1995, 74th Leg., ch. 1002, Sec. 9, eff. Jan. 1, 1996.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TX/htm/TX.171.htm
- Text hash
- sha256 0759d5e59f6b3d7ba496b3cd572e91804b15d9fbf27330879a191ddbd7bf2771
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.