(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.
Official text of the Texas Finance Code as published by the Texas Legislative Council.