Petition for Writ of Mandamus - Filed - Supreme Court of Texas

TAX CODE CHAPTER 171. FRANCHISE TAX
http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.171.htm
Page 23 of 88
6/25/2012
Sec. 171.079. EXEMPTION--ELECTRIC COOPERATIVE CORPORATION. An
electric cooperative corporation incorporated under Chapter 161,
Utilities Code, that is not a participant in a joint powers agency is
exempted from the franchise tax.
Acts 1981, 67th Leg., p. 1696, ch. 389, Sec. 1, eff. Jan. 1, 1982.
Amended by Acts 1995, 74th Leg., ch. 765, Sec. 2.27, eff. Sept. 1,
1995; Acts 1999, 76th Leg., ch. 62, Sec. 18.48, eff. Sept. 1, 1999.
Sec. 171.080. EXEMPTION--TELEPHONE COOPERATIVE CORPORATIONS. A
telephone cooperative corporation incorporated under Chapter 162,
Utilities Code, is exempted from the franchise tax.
Acts 1981, 67th Leg., p. 1696, ch. 389, Sec. 1, eff. Jan. 1, 1982.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 18.49, eff. Sept. 1,
1999.
Sec. 171.081. EXEMPTION--CORPORATION EXEMPT BY ANOTHER LAW.
Another statute that exempts a corporation from the franchise tax is
not affected by this chapter.
Acts 1981, 67th Leg., p. 1696, ch. 389, Sec. 1, eff. Jan. 1, 1982.
Sec. 171.082. EXEMPTION--CERTAIN HOMEOWNERS' ASSOCIATIONS.
(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.