By Haggerty                                           H.B. No. 1451
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the exclusion of the value of certain federal excise
    1-3  taxes in determining market value of an inventory of alcoholic
    1-4  beverages.
    1-5        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-6        SECTION 1.  Section 23.12, Tax Code, is amended by adding a
    1-7  new Subsection (h) to read as follows:
    1-8        (h)  The market value of an inventory does not include any
    1-9  federal excise taxes imposed on items included in the inventory
   1-10  pursuant to Subtitle E, Chapter 51, Internal Revenue Code of 1986.
   1-11        SECTION 2.  The importance of this legislation and the
   1-12  crowded condition of the calendars in both houses create an
   1-13  emergency and an imperative public necessity that the
   1-14  constitutional rule requiring bills to be read on three several
   1-15  days in each house be suspended, and this rule is hereby suspended,
   1-16  and that this Act take effect and be in force from and after its
   1-17  passage, and it is so enacted.