Tex.
Spec. Dist. Local Laws Code Section 3501.004
Exemption from Taxation
(a)
The property, income, and operations of the authority are exempt from taxes imposed by the state or a political subdivision of the state.(b)
Section 25.07 (Leasehold and Other Possessory Interests in Exempt Property)(a), Tax Code, applies to a leasehold or other possessory interest in real property granted by the authority for a project designated under Section 3501.1024 (Redevelopment Projects)(a) in the same manner as it applies to a leasehold or other possessory interest in real property constituting a project described by Section 505.161 (Public Purpose Designation; Exemption from Taxation)(a), Local Government Code.(c)
A commercial aircraft to be used as an instrument of commerce that is under construction in the authority is presumed to be in interstate, international, or foreign commerce and not located in this state for longer than a temporary period for purposes of Sections 11.01 (Real and Tangible Personal Property) and 21.02 (Tangible Personal Property Generally), Tax Code.(d)
Tangible personal property located in the authority is presumed to be in interstate, international, or foreign commerce and not located in this state for longer than a temporary period for purposes of Sections 11.01 (Real and Tangible Personal Property) and 21.02 (Tangible Personal Property Generally), Tax Code, if the owner demonstrates to the chief appraiser for the appraisal district in which the authority is located that the owner intends to incorporate the property into or attach the property to a commercial aircraft described by Subsection (c).(e)
In this section, “commercial aircraft” means an aircraft that is designed to be used as described by Section 21.05 (Commercial Aircraft)(e), Tax Code.
Source:
Section 3501.004 — Exemption from Taxation, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3501.htm#3501.004 (accessed Apr. 29, 2024).
