Texas § GV.1372.025 - REALLOCATION OF STATE CEILING ON FAILURE OF BONDS TO QUALIFY AS TAX-EXEMPT OBLIGA
Full text of Texas The Texas Constitution § GV.1372.025 — REALLOCATION OF STATE CEILING ON FAILURE OF BONDS TO QUALIFY AS TAX-EXEMPT OBLIGA, with citation guidance and answers to common questions.
§ GV.1372.025. REALLOCATION OF STATE CEILING ON FAILURE OF BONDS TO QUALIFY AS TAX-EXEMPT OBLIGA
REALLOCATION OF STATE CEILING ON FAILURE OF BONDS TO QUALIFY AS TAX-EXEMPT OBLIGATIONS. (a) If a type of bond listed in Section 1372.022 (a) does not qualify on January 2 of any year for treatment as a tax-exempt obligation under the Internal Revenue Code: (1) Section 1372.022 (a) has no effect for that year for that type of bond; and (2) by March 1, the portion of the state ceiling that but for Subdivision (1) would have been available exclusively for reservations by issuers of that type of bond shall be reallocated proportionately for reservation by each other category of issuer listed in that section. (b) Subsection (a) does not apply to qualified mortgage bonds or qualified residential rental project bonds made available exclusively to the Texas Department of Housing and Community Affairs under Section 1372.023 or the Texas State Affordable Housing Corporation under Section 1372.0223 (1). Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 1.33, eff. Sept. 1, 2001. Amended by: Acts 2005, 79th Leg., Ch. 196 (H.B. 1007 ), Sec. 3, eff. May 27, 2005. Acts 2013, 83rd Leg., R.S., Ch. 405 (S.B. 286 ), Sec. 1, eff. June 14, 2013. Acts 2013, 83rd Leg., R.S., Ch. 1219 (S.B. 1553 ), Sec. 1, eff. June 14, 2013.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § GV.1372.025
What does The Texas Constitution § GV.1372.025 cover?
Section GV.1372.025 ("REALLOCATION OF STATE CEILING ON FAILURE OF BONDS TO QUALIFY AS TAX-EXEMPT OBLIGA") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.1372.025?
A common citation format is "The Texas Constitution § GV.1372.025" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.1372.025 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.