Texas Occupations Code 2153.005 – Exempt Corporations and Associations
(a) A corporation or association owning, leasing, or renting a music or skill or pleasure coin-operated machine is exempt from Subchapter D if:
(1) the corporation or association is organized and operated exclusively for religious, charitable, educational, or benevolent purposes;
(2) the corporation’s or association’s net earnings do not inure to the benefit of a private shareholder or individual; and
(3) the corporation or association owns, leases, or rents the coin-operated machine:
(A) for the corporation’s or association’s exclusive use; and
(B) to further a purpose of the corporation or association.
(b) A tax may not be assessed against a corporation or an association exempt under this section if assessment of the tax is prohibited by other law.
Terms Used In Texas Occupations Code 2153.005
- 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.