Texas Attorney General Opinion: JM-682 Page: 3 of 16
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Honorable Grant Jones - Page 3 (JM-682)
associations or organizations that it purports to exempt from
taxation. Subsection (h) provides the following:
Biomedical Research Corporations. A nonprofit
corporation as defined in the Texas Non-Profit
Corporation Act is entitled to an exemption from
taxation of the property it owns and uses
exclusively for biomedical research and education
for the public benefit.
You have provided us with the following information:
1. The foundation makes no gain by private
individuals, and there is no accrual of distri-
butable profits. The foundation is not even in
a position to use profits to reinvest in its
research activities, because after depreciation,
the foundation had a deficit of $1,298,092.00 for
1985.
2. The foundation, with work conducted in the
areas of cancer research, genetic research, heart
and lung diseases, hormone research, immuno-
logical and virological research, and other areas,
accomplishes ends wholly benevolent, work which is
intended to improve the well-being of others.
3. The foundation, through its work, is
helping to provide biomedical research and
education to the citizens of the State of Texas
and is assuming, to a material extent, that which
might otherwise become the obligation or duty of
the community or the state.
4. The foundation, under its Trust Indenture,
has its assets pledged to Texas A & M University
and Yale University if the foundation were ever to
dissolve. Further, the Trust Indenture shows that
the purpose of the foundation is purely charitable
and intended for the public benefit.
5. The foundation is a trust and a Texas non-
profit corporation.
6. The foundation has been granted tax exempt
status by the Internal Revenue Service under
section 501(c) (3).
7. The legislative history of section 11.23(h)
of the Property Tax Code indicates that it wasp. 3148
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Texas. Attorney-General's Office. Texas Attorney General Opinion: JM-682, text, April 21, 1987; (https://texashistory.unt.edu/ark:/67531/metapth273120/m1/3/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.