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House Bill 4611 |
House Author: Oliveira et al. |
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Effective: 1-1-10 |
Senate Sponsor: Williams |
House Bill 4611 amends the Tax Code to specify that if a lending institution categorizes a loan or security as "Securities Available for Sale" or as "Trading Securities" under Financial Accounting Standard No. 115 as it existed at the beginning of 2009, the gross proceeds of the sale of that loan or security are considered gross receipts for franchise tax purposes.