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.
Structure Texas Statutes
Subtitle E - Cooperative Associations
Chapter 301 - Cooperative Associations
Subchapter B. Miscellaneous Cooperative Associations
Section 301.032. Creation of Cooperative Association
Section 301.033. Articles of Incorporation
Section 301.034. Use of Public Funds Prohibited
Section 301.035. Membership; Membership Privileges; Expulsion of Members
Section 301.036. Membership Not Required
Section 301.037. Powers of Cooperative Association
Section 301.038. Provision of Services; Costs
Section 301.039. Bonds, Notes, or Other Obligations
Section 301.040. Bonds as Investments
Section 301.041. Liability to Creditors
Section 301.042. Tax Exemption
Section 301.043. Annual Report
Section 301.044. Surplus Revenue
Section 301.045. Loans to Members Prohibited