Sec. 122.106. EXEMPTION FROM CERTAIN TAXES. (a) Except as provided by Subsection (b), a credit union is exempt from a franchise or other license tax. (b) A credit union is not exempt from the franchise tax imposed by Chapter 171 , Tax Code, unless the credit union is exempted by that chapter. (c) The intangible property of a credit union organized under this chapter is not taxable.
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