Bill Text: TX HB2766 | 2013-2014 | 83rd Legislature | Enrolled


Bill Title: Relating to the exclusion of certain flow-through funds in determining total revenue for purposes of the franchise tax.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Passed) 2013-06-14 - Effective on 1/1/14 [HB2766 Detail]

Download: Texas-2013-HB2766-Enrolled.html
 
 
  H.B. No. 2766
 
 
 
 
AN ACT
  relating to the exclusion of certain flow-through funds in
  determining total revenue for purposes of the franchise tax.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 171.1011(g), Tax Code, is amended to
  read as follows:
         (g)  A taxable entity shall exclude from its total revenue,
  to the extent included under Subsection (c)(1)(A), (c)(2)(A), or
  (c)(3), only the following flow-through funds that are mandated by
  contract or subcontract to be distributed to other entities:
               (1)  sales commissions to nonemployees, including
  split-fee real estate commissions;
               (2)  the tax basis as determined under the Internal
  Revenue Code of securities underwritten; and
               (3)  subcontracting payments made under a contract or
  subcontract entered into [handled] by the taxable entity to provide
  services, labor, or materials in connection with the actual or
  proposed design, construction, remodeling, remediation, or repair
  of improvements on real property or the location of the boundaries
  of real property.
         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, 2014.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 2766 was passed by the House on May 2,
  2013, by the following vote:  Yeas 147, Nays 0, 2 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 2766 was passed by the Senate on May
  21, 2013, by the following vote:  Yeas 31, Nays 0.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor       
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