Bill Text: TX SB1315 | 2013-2014 | 83rd Legislature | Introduced


Bill Title: Relating to the exclusion of certain flow-through funds in determining total revenue for purposes of the franchise tax.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2013-03-18 - Referred to s/c on Fiscal Matters by Chair [SB1315 Detail]

Download: Texas-2013-SB1315-Introduced.html
  83R9259 TJB-D
 
  By: Whitmire S.B. No. 1315
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the exclusion of certain flow-through funds in
  determining total revenue for purposes of the franchise tax.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 171.1011(g), Tax Code, is amended to
  read as follows:
         (g)  A taxable entity shall exclude from its total revenue,
  to the extent included under Subsection (c)(1)(A), (c)(2)(A), or
  (c)(3), only the following flow-through funds that are mandated by
  contract or subcontract to be distributed to other entities:
               (1)  sales commissions to nonemployees, including
  split-fee real estate commissions;
               (2)  the tax basis as determined under the Internal
  Revenue Code of securities underwritten; and
               (3)  subcontracting payments under subcontracts
  entered into [handled] by the taxable entity to provide services,
  labor, or materials in connection with the actual or proposed
  design, construction, remodeling, remediation, or repair of
  improvements on real property or the location of the boundaries of
  real property.
         SECTION 2.  This Act applies only to a report originally due
  on or after the effective date of this Act.
         SECTION 3.  This Act takes effect January 1, 2014.
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