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By:  Ogden                                                        S.B. No. 1780
	(In the Senate - Filed March 14, 2003; March 24, 2003, read 
first time and referred to Committee on Finance; May 7, 2003, 
reported adversely, with favorable Committee Substitute by the 
following vote:  Yeas 10, Nays 0; May 7, 2003, sent to printer.)


COMMITTEE SUBSTITUTE FOR S.B. No. 1780                                   By:  Ogden


A BILL TO BE ENTITLED

AN ACT


relating to claiming a franchise tax credit for certain qualified 
capital investments.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 171.802, Tax Code, is amended by adding 
Subsection (d) to read as follows:
	(d)  A corporation may claim a credit or take a carryforward 
credit for a qualified capital investment made on or after January 
1, 2003, without regard to whether the county in which it makes the 
qualified capital investment has lost its designation as a 
strategic investment area if:
		(1)  the corporation committed to the investment in 
that county before January 2003;
		(2)  at the time the corporation made the commitment, 
the county was designated as a strategic investment area;
		(3)  the total investment is at least $100 million;                    
		(4)  the county has a population of less than 15,700; 
and            
		(5)  the corporation made a qualified capital 
investment in the county in each of the two years preceding the year 
in which the corporation made the qualified capital investment 
under this subsection.
	SECTION 2.  This Act takes effect immediately if it receives 
a vote of two-thirds of all the members elected to each house, as 
provided by Section 39, Article III, Texas Constitution.  If this 
Act does not receive the vote necessary for immediate effect, this 
Act takes effect September 1, 2003.



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