Bill Text: TX HB2040 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the exclusion from total revenue for purposes of the franchise tax of payments received from certain insurance organizations.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2019-03-05 - Referred to Ways & Means [HB2040 Detail]
Download: Texas-2019-HB2040-Introduced.html
| 86R4334 CJC-F | ||
| By: Shine | H.B. No. 2040 | |
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| relating to the exclusion from total revenue for purposes of the | ||
| franchise tax of payments received from certain insurance | ||
| organizations. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 171.1011, Tax Code, is amended by adding | ||
| 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 and that 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, 2020. | ||
