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Texas Occupations Code - OCC § 2153.005. Exempt Corporations and Associations

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A corporation or association owning, leasing, or renting a music or skill or pleasure coin-operated machine is exempt from Subchapter D  1 if:

(1) the corporation or association is organized and operated exclusively for religious, charitable, educational, or benevolent purposes;

(2) the corporation's or association's net earnings do not inure to the benefit of a private shareholder or individual; and

(3) the corporation or association owns, leases, or rents the coin-operated machine:

(A) for the corporation's or association's exclusive use; and

(B) to further a purpose of the corporation or association.

(b) A tax may not be assessed against a corporation or an association exempt under this section if assessment of the tax is prohibited by other law.

1 V.T.C.A., Occupations Code § 2153.151 et seq.
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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 2153.005. Exempt Corporations and Associations - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-2153-005/

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