Bill Text: TX HB2775 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the exclusion of certain commercial lease revenue in determining a taxable entity's total revenue for purposes of the franchise tax.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2013-03-25 - Left pending in committee [HB2775 Detail]
Download: Texas-2013-HB2775-Introduced.html
83R9353 ADM-F | ||
By: Branch | H.B. No. 2775 |
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relating to the exclusion of certain commercial lease revenue in | ||
determining a taxable entity's 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 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; [ |
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(3) subcontracting payments handled by the taxable | ||
entity to provide services, labor, or materials in connection with | ||
the actual or proposed design, construction, remodeling, or repair | ||
of improvements on real property or the location of the boundaries | ||
of real property; and | ||
(4) payments, excluding expenses for interest and | ||
depreciation, received by a landlord of commercial real property | ||
from a tenant of the property for ad valorem taxes, any tax or | ||
excise imposed on rents, general or special assessments or other | ||
taxes, building or property operating expenses, property or other | ||
insurance expenses, utility expenses, and maintenance expenses. | ||
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. |