Sec. 122.106.  EXEMPTION FROM CERTAIN TAXES.  (a)  Except as provided by Subsection (b), a credit union is exempt from a franchise or other license tax.
(b)  A credit union is not exempt from the franchise tax imposed by Chapter 171, Tax Code, unless the credit union is exempted by that chapter.
(c)  The intangible property of a credit union organized under this chapter is not taxable.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.