Bill Text: TX HB2427 | 2015-2016 | 84th Legislature | Introduced


Bill Title: Relating to a franchise tax credit for taxable entities that pay tolls and other charges for use of a toll road.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-03-13 - Referred to Ways & Means [HB2427 Detail]

Download: Texas-2015-HB2427-Introduced.html
  84R8237 TJB-D
 
  By: Sanford H.B. No. 2427
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to a franchise tax credit for taxable entities that pay
  tolls and other charges for use of a toll road.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 171, Tax Code, is amended by adding
  Subchapter N to read as follows:
  SUBCHAPTER N. TAX CREDIT FOR TOLLS PAID
         Sec. 171.701.  ENTITLEMENT TO CREDIT. A taxable entity is
  entitled to a credit in the amount and under the conditions and
  limitations provided by this subchapter against the tax imposed
  under this chapter.
         Sec. 171.702.  QUALIFICATION. A taxable entity qualifies
  for a credit under this subchapter if the taxable entity pays a toll
  or other charge imposed for the use of a toll road located in this
  state.
         Sec. 171.703.  AMOUNT; LIMITATIONS. (a) The amount of the
  credit is equal to 50 percent of the total amount of tolls and other
  charges paid by the taxable entity during a reporting period for the
  use of a toll road located in this state.
         (b)  A taxable entity may not convey, assign, or transfer a
  credit under this subchapter to another entity unless all of the
  assets of the taxable entity are conveyed, assigned, or transferred
  in the same transaction.
         Sec. 171.704.  APPLICATION FOR CREDIT. A taxable entity
  must apply for a credit under this subchapter on or with the tax
  report for the period for which the credit is claimed.
         Sec. 171.705.  RULES. The comptroller shall adopt rules
  necessary to implement this subchapter.
         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, 2016.
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