Texas SB2973 exempts property owned by certain nonprofit corporations from ad valorem taxation if used for agriculture, youth support, and education.

Texas SB2973 amends the Tax Code to exempt property from ad valorem taxation if owned by certain nonprofit corporations and used for promoting agriculture, supporting youth, and providing educational support in counties with a population of 3.3 million or more. The exemption applies to all real and personal property held for these purposes. The bill also specifies that incidental use of the property for purposes other than those listed does not result in the loss of the exemption if the revenue benefits the beneficiaries of the organization.

Texas SB2973 exempts property owned by certain nonprofit corporations from ad valorem taxation if used for agriculture, youth support, and education.

Texas SB2973 amends the Tax Code to exempt property from ad valorem taxation if owned by certain nonprofit corporations and used for promoting agriculture, supporting youth, and providing educational support in counties with a population of 3.3 million or more. The exemption applies to all real and personal property held for these purposes. The bill also specifies that incidental use of the property for purposes other than those listed does not result in the loss of the exemption if the revenue benefits the beneficiaries of the organization.