Tex. Local Government Code § 501.160
OWNING OR OPERATING PROJECT AS BUSINESS
Texas · Texas Local Government Code · Status: effective
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- Citation
- Tex. Local Government Code § 501.160, OWNING OR OPERATING PROJECT AS BUSINESS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/694020
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Full text
(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.