Bill Text: TX SB756 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the determination of cost of goods sold for purposes of computing the franchise tax.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-04 - Left pending in committee [SB756 Detail]
Download: Texas-2015-SB756-Introduced.html
84R2401 ADM-D | ||
By: Taylor of Collin | S.B. No. 756 |
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relating to the determination of cost of goods sold for purposes of | ||
computing the franchise tax. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 171.1012, Tax Code, is amended to read as | ||
follows: | ||
Sec. 171.1012. DETERMINATION OF COST OF GOODS SOLD. [ |
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elects to subtract cost of goods sold for the purpose of computing | ||
its taxable margin shall determine the amount of that cost of goods | ||
sold as follows: | ||
(1) for a taxable entity treated for federal income | ||
tax purposes as a corporation, the cost of goods sold is the amount | ||
reportable as cost of goods sold on line 2, Internal Revenue Service | ||
Form 1120; | ||
(2) for a taxable entity treated for federal income | ||
tax purposes as a partnership, the cost of goods sold is the amount | ||
reportable as cost of goods sold on line 2, Internal Revenue Service | ||
Form 1065; | ||
(3) for a taxable entity treated for federal income | ||
tax purposes as an S corporation, the cost of goods sold is the | ||
amount reportable as cost of goods sold on line 2, Internal Revenue | ||
Service Form 1120S; or | ||
(4) for any other taxable entity, the cost of goods | ||
sold is an amount determined in a manner substantially equivalent | ||
to the amount for Subdivision (1), (2), or (3) determined by rules | ||
the comptroller shall adopt [ |
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SECTION 2. Section 171.1011(v), Tax Code, is amended to | ||
read as follows: | ||
(v) A taxable entity primarily engaged in the business of | ||
transporting goods by waterways that does not subtract cost of | ||
goods sold in computing its taxable margin shall exclude from its | ||
total revenue direct costs of providing transportation services by | ||
intrastate or interstate waterways to the same extent that a | ||
taxable entity that sells in the ordinary course of business real or | ||
tangible personal property would be authorized by Section 171.1012 | ||
to subtract those costs as costs of goods sold in computing its | ||
taxable margin[ |
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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, 2016. |