Bill Text: TX HB3777 | 2021-2022 | 87th Legislature | Enrolled
Bill Title: Relating to eligible costs and expenses for purposes of the franchise tax credit for the certified rehabilitation of certified historic structures.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2021-06-14 - Effective on 1/1/22 [HB3777 Detail]
Download: Texas-2021-HB3777-Enrolled.html
H.B. No. 3777 |
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relating to eligible costs and expenses for purposes of the | ||
franchise tax credit for the certified rehabilitation of certified | ||
historic structures. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 171.901(4), Tax Code, as effective | ||
January 1, 2022, is redesignated as Section 171.9015, Tax Code, and | ||
amended to read as follows: | ||
Sec. 171.9015. ELIGIBLE COSTS AND EXPENSES. (a) Subject to | ||
Subsections (b) and (c), in this subchapter, "eligible [ |
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expenditures as defined by Section 47(c)(2), Internal Revenue Code. | ||
(b) Except as provided by Subsection (c), the [ |
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47(c)(2), Internal Revenue Code, [ |
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costs and expenses incurred by an entity exempt from the tax imposed | ||
under this chapter by Section 171.063, and those costs and expenses | ||
are eligible costs and expenses if the other provisions of Section | ||
47(c)(2), Internal Revenue Code, are satisfied. | ||
(c) Expenditures by an entity described by Subsection (b) to | ||
rehabilitate a structure that is leased to a tax-exempt entity in a | ||
disqualified lease, as those terms are defined by Section 168(h), | ||
Internal Revenue Code, are not eligible costs and expenses. | ||
SECTION 2. The change in law made by this Act to Section | ||
171.901(4), Tax Code, applies only to costs and expenses incurred | ||
on or after the effective date of this Act. | ||
SECTION 3. This Act takes effect January 1, 2022. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 3777 was passed by the House on May 5, | ||
2021, by the following vote: Yeas 88, Nays 54, 1 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 3777 was passed by the Senate on May | ||
22, 2021, by the following vote: Yeas 29, Nays 1. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |