Sec. 301.042.  TAX EXEMPTION.  (a)  A cooperative association created under this subchapter is not required to pay a tax or assessment on its property or on any purchase made by the association.
(b)  Except as provided by Subsection (c), an association is not required to pay an annual franchise tax.
(c)  An association is exempt from the franchise tax imposed by Chapter 171, Tax Code, only if the association is exempted by that chapter.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.