By Oliveira H.B. No. 3391
77R7244 SMJ-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the definition of a strategic investment area for
1-3 purposes of certain tax credits.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 171.721, Tax Code, is amended to read as
1-6 follows:
1-7 Sec. 171.721. DEFINITIONS. In this subchapter:
1-8 (1) "Base amount," "basic research payment," and
1-9 "qualified research expense" have the meanings assigned those terms
1-10 by Section 41, Internal Revenue Code, except that all such payments
1-11 and expenses must be for research conducted within this state.
1-12 (2) "Strategic investment area" means an area that is
1-13 determined by the comptroller under Section 171.726 that is:
1-14 (A) a county within this state with above state
1-15 average unemployment and below state average per capita income;
1-16 [or]
1-17 (B) an area within this state that is a
1-18 federally designated urban enterprise community or an urban
1-19 enhanced enterprise community; or
1-20 (C) a county within this state that has a
1-21 spaceport, as defined by Section 4D, Development Corporation Act of
1-22 1979 (Article 5190.6, Vernon's Texas Civil Statutes), as added by
1-23 Chapter 1537, Acts of the 76th Legislature, Regular Session, 1999,
1-24 within its boundaries.
2-1 SECTION 2. This Act takes effect January 1, 2002, and applies
2-2 to a report originally due on or after that date.