Texas Tax Code 171.074 – Exemption–Development Corporation
Current as of: 2024 | Check for updates
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Terms Used In Texas Tax Code 171.074
- 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 under the Development Corporation Act (Subtitle C1, Title 12, Local Government Code) is exempted from the franchise tax.