Bill Text: TX HB3791 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to an exclusion from total revenue of certain payments received from an insurance organization that owns a controlling interest in a taxable entity for purposes of computing the franchise tax.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-31 - Referred to Ways & Means [HB3791 Detail]
Download: Texas-2017-HB3791-Introduced.html
By: Villalba | H.B. No. 3791 |
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relating to an exclusion from total revenue of certain payments | ||
received from an insurance organization that owns a controlling | ||
interest in a taxable entity for purposes of computing the | ||
franchise tax. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Sec. 171.1011, Tax Code, is amended by adding new | ||
Subsection (y) to read as follows: | ||
(y) A taxable entity shall exclude from its total revenue, | ||
to the extent included under Subsection (c)(1)(A), (c)(2)(A), or | ||
(c)(3), payments received from an insurance organization that is | ||
exempted from the franchise tax, if the insurance organization owns | ||
a controlling interest in the taxable entity. | ||
SECTION 2. This Act applies only to a report originally due | ||
on or after the effective date of this Act. | ||
SECTION 3. This Act takes effect January 1, 2018. |