Texas HB4580 exempts property owned by certain nonprofit corporations from ad valorem taxation if used for promoting agriculture, supporting Texas.

Texas HB4580 amends the Tax Code to exempt property owned by nonprofit corporations from ad valorem taxation if the property is used to promote agriculture, support Texas youth, and provide educational support in communities. This exemption applies to counties with populations over 3.3 million. The exemption remains in effect until the property changes ownership or the nonprofit's qualification changes. The bill also states that using the property for purposes other than those listed does not result in loss of the exemption if the revenues support the nonprofit's charitable purposes.

Texas HB4580 exempts property owned by certain nonprofit corporations from ad valorem taxation if used for promoting agriculture, supporting Texas.

Texas HB4580 amends the Tax Code to exempt property owned by nonprofit corporations from ad valorem taxation if the property is used to promote agriculture, support Texas youth, and provide educational support in communities. This exemption applies to counties with populations over 3.3 million. The exemption remains in effect until the property changes ownership or the nonprofit's qualification changes. The bill also states that using the property for purposes other than those listed does not result in loss of the exemption if the revenues support the nonprofit's charitable purposes.