Sec. 431.033. EXEMPTION FROM TAXATION. A corporation affects all the people in its area by assuming to a material extent what otherwise might be an obligation or duty of the commission and is a purely public charity under Section 2, Article VIII, Texas Constitution. However, a corporation is exempt from the franchise tax under Chapter 171, Tax Code, only if the corporation is exempted by that chapter.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle I - Transportation Corporations
Chapter 431 - Texas Transportation Corporation Act
Subchapter B. Creation and Operation of Corporation
Section 431.021. Purpose of Corporation
Section 431.023. Adoption of Resolution
Section 431.024. Form of Corporation
Section 431.025. Articles of Incorporation
Section 431.026. Delivery and Filing of Certificate of Incorporation
Section 431.027. Effect of Issuance of Certificate of Incorporation
Section 431.029. Advisory Directors
Section 431.032. Indemnification