79R5729 DAK-F
By: Seaman H.B. No. 1743
A BILL TO BE ENTITLED
AN ACT
relating to strategic investment areas qualifying for the franchise
tax credit for certain research and development activities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.721(2), Tax Code, is amended to read
as follows:
(2) "Strategic investment area" means an area that is
determined by the comptroller under Section 171.726 that is:
(A) a county within this state with above state
average unemployment and below state average per capita income;
(B) an area within this state that is a federally
designated renewal community or urban enterprise community, or an
urban enhanced enterprise community; or
(C) a defense economic readjustment zone
designated under Chapter 2310, Government Code.
SECTION 2. For purposes of the comptroller's determination
of strategic investment areas under Section 171.726, Tax Code,
required by that section to be published not later than October 1,
2005, the comptroller shall include federally designated renewal
communities in this state.
SECTION 3. 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, 2005.