Texas § 501.160 OWNING OR OPERATING PROJECT AS BUSINESS.

Texas Statutes

§ 501.160 — OWNING OR OPERATING PROJECT AS BUSINESS.

Texas § 501.160

Code LGLocal Government Code

This text of Texas § 501.160 (OWNING OR OPERATING PROJECT AS BUSINESS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Local Government Code Code Ann. § 501.160 (2026).

Text

Sec. 501.160. OWNING OR OPERATING PROJECT AS BUSINESS.

(a)Except as provided by Subsection (d), a corporation may not own or operate a project as a business other than:

(1)as a lessor, seller, or lender; or

(2)according to the requirements of any trust agreement securing the credit transaction.

(b)The user under a lease, sale, or loan agreement relating to a project is considered the owner of the project for purposes of ad valorem taxes, sales and use taxes, or any other taxes imposed by this state or a political subdivision of this state.

(c)Purchasing and holding a mortgage, deed of trust, or other security interest or contracting for the servicing of a mortgage, deed of trust, or other security interest is not considered the operation of a project.

(d)A corporation has all the pow

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Sec. 501.160. OWNING OR OPERATING PROJECT AS BUSINESS. (a) Except as provided by Subsection (d), a corporation may not own or operate a project as a business other than:
(1) as a lessor, seller, or lender; or
(2) according to the requirements of any trust agreement securing the credit transaction.
(b) The user under a lease, sale, or loan agreement relating to a project is considered the owner of the project for purposes of ad valorem taxes, sales and use taxes, or any other taxes imposed by this state or a political subdivision of this state.
(c) Purchasing and holding a mortgage, deed of trust, or other security interest or contracting for the servicing of a mortgage, deed of trust, or other security interest is not considered the operation of a project.
(d) A corporation has all the powers necessary to own and operate a project as a business if:
(1) the project is a military installation or military facility that has been closed or realigned, including a military installation or facility closed or realigned under the Defense Base Closure and Realignment Act of 1990 (10 U.S.C. Section 2687 note), as amended; or
(2) the project is authorized under Section 501.106 .

Legislative History

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278 ), Sec. 3.01, eff. April 1, 2009. Amended by: Acts 2015, 84th Leg., R.S., Ch. 795 (H.B. 2772 ), Sec. 2, eff. June 17, 2015.