Sec. 501.160.  OWNING OR OPERATING PROJECT AS BUSINESS.  (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.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Amended by: 
Acts 2015, 84th Leg., R.S., Ch. 795 (H.B. 2772), Sec. 2, eff. June 17, 2015.