Sec. 301.042. TAX EXEMPTION. (a) A cooperative association created under this subchapter is not required to pay a tax or assessment on its property or on any purchase made by the association.
(b) Except as provided by Subsection (c), an association is not required to pay an annual franchise tax.
(c) An association is exempt from the franchise tax imposed by Chapter 171, Tax Code, only if the association is exempted by that chapter.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Section: Previous 301.032 301.033 301.034 301.035 301.036 301.037 301.038 301.039 301.040 301.041 301.042 301.043 301.044 301.045 301.046 NextLast modified: September 28, 2016