Relating to the exemption from ad valorem taxation of property owned by certain nonprofit corporations, located in a populous county, and used to promote agriculture, support youth, and provide educational support in the community.

SB 40 would exempt property owned by qualifying nonprofits in Texas counties with 3.3 million+ residents from property taxes. The exemption applies to nonprofits using land for agriculture promotion, youth programs, and community education - specifically those organized exclusively for charitable, educational, or scientific purposes under state law. It covers both real and personal property but excludes for-profit leaseholders of such property. The law takes effect January 1, 2026, applying only to tax years beginning after that date.