Bill Text: TX HB1957 | 2023-2024 | 88th Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the availability of financial information of nonprofit corporations for public inspection.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2023-06-09 - Effective on 9/1/23 [HB1957 Detail]

Download: Texas-2023-HB1957-Engrossed.html
  88R18827 JES-F
 
  By: Geren H.B. No. 1957
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the availability of financial information of nonprofit
  corporations for public inspection.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 22.353, Business Organizations Code, is
  amended to read as follows:
         Sec. 22.353.  AVAILABILITY OF FINANCIAL INFORMATION FOR
  PUBLIC INSPECTION. (a) A corporation shall keep each document the
  corporation is required to make available for public inspection as
  an entity that is exempt from income taxation under Section 501(a),
  Internal Revenue Code of 1986, by being listed as an exempt
  organization under Section 501(c)(3) of that code, [records, books,
  and annual reports of the corporation's financial activity] at the
  corporation's registered or principal office in this state for at
  least three years after the close of the fiscal year.
         (b)  The corporation shall make the documents described by
  Subsection (a) [records, books, and reports] available to the
  public for inspection and copying at the corporation's registered
  or principal office during regular business hours. The corporation
  may charge a reasonable fee for preparing a copy of a document 
  [record or report].
         SECTION 2.  This Act takes effect September 1, 2023.
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