Bill Text: TX HB3345 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the definition of "passive entity" for the franchise tax.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-05-09 - Placed on General State Calendar [HB3345 Detail]
Download: Texas-2017-HB3345-Introduced.html
85R15257 E | ||
By: Springer | H.B. No. 3345 |
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relating to the definition of "passive entity" for the franchise | ||
tax. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 171.0003(b), Tax Code, is amended to | ||
read as follows: | ||
(b) The income described by Subsection (a)(2) does not | ||
include: | ||
(1) rent; [ |
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(2) income received by a nonoperator from mineral | ||
properties under a joint operating agreement if the nonoperator is | ||
a member of an affiliated group and another member of that group is | ||
the operator under the same joint operating agreement; or | ||
(3) interest income by a person in the business of | ||
making loans to the general public. | ||
SECTION 2. This Act is a clarification of existing law and | ||
does not imply that existing law may be construed as inconsistent | ||
with the law as amended by this Act. | ||
SECTION 3. This Act takes effect September 1, 2017. |