| |
| |
| |
|
|
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 |