Bill Text: TX HB3992 | 2017-2018 | 85th Legislature | Enrolled

Texas House Bill 3992 (Prior Session Legislation)

Bill Title: Relating to a franchise tax exemption for certain cooperatives with a member that has farmer-fruit grower members.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2017-06-15 - Effective immediately [HB3992 Detail]

Download: Texas-2017-HB3992-Enrolled.html



	H.B. No. 3992




	AN ACT
	relating to a franchise tax exemption for certain cooperatives with
	a member that has farmer-fruit grower members.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 171.071, Tax Code, is amended to read as
	follows:
	Sec. 171.071. EXEMPTION--FARMERS' COOPERATIVE SOCIETY. A
	cooperative that is either a farmers' cooperative society
	incorporated under Chapter 51, Agriculture Code, or a cooperative
	whose single member is a farmers' cooperative described in Section
	521(b)(1), Internal Revenue Code, that has at least 500
	farmer-fruit grower members, is exempted from the franchise tax.
	SECTION 2. The amendment made by this Act to Section
	171.071, Tax Code, is a clarification of existing law.
	SECTION 3. This Act takes effect immediately if it receives
	a vote of two-thirds of all the members elected to each house, as
	provided by Section 39, Article III, Texas Constitution. If this
	Act does not receive the vote necessary for immediate effect, this
	Act takes effect September 1, 2017.


	______________________________	______________________________
	President of the Senate	Speaker of the House


	I certify that H.B. No. 3992 was passed by the House on May 4,
	2017, by the following vote: Yeas 143, Nays 0, 2 present, not
	voting.

	______________________________
	Chief Clerk of the House


	I certify that H.B. No. 3992 was passed by the Senate on May
	24, 2017, by the following vote: Yeas 31, Nays 0.

	______________________________
	Secretary of the Senate
	APPROVED: _____________________
	Date

	_____________________
	Governor