Bill Text: TX HB3413 | 2019-2020 | 86th Legislature | Comm Sub
Bill Title: Relating to the application of the franchise tax to and computation of franchise tax owed by certain entities that hold precious metals.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2019-05-03 - Committee report sent to Calendars [HB3413 Detail]
Download: Texas-2019-HB3413-Comm_Sub.html
| 86R26243 CJC-F | |||
| By: Capriglione | H.B. No. 3413 | ||
| Substitute the following for H.B. No. 3413: | |||
| By: Shaheen | C.S.H.B. No. 3413 | ||
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| relating to the application of the franchise tax to and computation | ||
| of franchise tax owed by certain entities that hold precious | ||
| metals. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter A, Chapter 171, Tax Code, is amended | ||
| by adding Section 171.0021 to read as follows: | ||
| Sec. 171.0021. CERTAIN ENTITIES NOT ENGAGED IN BUSINESS IN | ||
| THIS STATE. (a) In this section: | ||
| (1) "Bullion" has the meaning assigned by Section | ||
| 2116.001, Government Code. | ||
| (2) "Bullion holder" means a person who holds, stores, | ||
| purchases, sells, trades, or manages the ownership of platinum, | ||
| gold, or silver bullion, including gold, silver, or numismatic | ||
| coins. | ||
| (b) A taxable entity whose only activity in this state is as | ||
| a bullion holder is not considered to be doing business in this | ||
| state for purposes of Section 171.001 and is not required to file a | ||
| report under Subchapter E. | ||
| SECTION 2. Section 171.1011, Tax Code, is amended by adding | ||
| Subsection (g-13) to read as follows: | ||
| (g-13) A taxable entity that is a bullion holder shall | ||
| exclude from its total revenue, to the extent included under | ||
| Subsection (c)(1)(A), (c)(2)(A), or (c)(3), all gains or losses | ||
| attributable to the purchase or the sale, trade, barter, gift, | ||
| donation, or other disposal of platinum, gold, or silver bullion, | ||
| including gold, silver, or numismatic coins. For purposes of this | ||
| subsection, "bullion" and "bullion holder" have the meanings | ||
| assigned by Section 171.0021. | ||
| SECTION 3. This Act applies only to a report originally due | ||
| on or after the effective date of this Act. | ||
| SECTION 4. This Act takes effect January 1, 2020. | ||
