Texas § LG.501.160 - OWNING OR OPERATING PROJECT AS BUSINESS
Full text of Texas The Texas Constitution § LG.501.160 — OWNING OR OPERATING PROJECT AS BUSINESS, with citation guidance and answers to common questions.
§ LG.501.160. OWNING OR OPERATING PROJECT AS BUSINESS
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.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § LG.501.160
What does The Texas Constitution § LG.501.160 cover?
Section LG.501.160 ("OWNING OR OPERATING PROJECT AS BUSINESS") 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 § LG.501.160?
A common citation format is "The Texas Constitution § LG.501.160" (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 § LG.501.160 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.