Sec. 379A.053. NATURE OF CORPORATE PROPERTY. (a) The legislature finds for all constitutional and statutory purposes that the corporation owns, uses, and holds its property for public purposes.
(b) Section 25.07(a), Tax Code, does not apply to a leasehold or other possessory interest granted by the corporation.
(c) Property owned by the corporation is exempt from taxation under Section 11.11, Tax Code, while the corporation owns the property.
Added by Acts 2001, 77th Leg., ch. 149, Sec. 1, eff. May 16, 2001.
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