Sec. 3503.1541. CERTAIN PROPERTY EXEMPT FROM TAXATION. (a) A leasehold or other possessory interest granted to a person by the authority or by a nonprofit corporation holding title for the authority is owned, used, and held for a public purpose for and on behalf of the authority and is exempt from taxation under Section 11.11, Tax Code.

(b) Section 25.07(a), Tax Code, does not apply to a leasehold or other possessory interest granted to a person by the authority or by a nonprofit corporation holding title for the authority during the period the authority or nonprofit corporation owns the estate or interest encumbered by the possessory interest.

Added by Acts 2019, 86th Leg., R.S., Ch. 333 (S.B. 579), Sec. 1, eff. January 1, 2020.