Texas Tax Code 171.066 – Exemption–Nonprofit Corporation Involved With City Natural Gas Facility
Current as of: 2024 | Check for updates
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Terms Used In Texas Tax Code 171.066
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
A nonprofit corporation organized to construct, acquire, own, lease, or operate a natural gas facility in behalf and for the benefit of a city or residents of a city is exempted from the franchise tax.