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A BILL TO BE ENTITLED
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AN ACT
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relating to the application of the franchise tax to banking |
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corporations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.1011, Tax Code, as effective January |
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1, 2008, is amended by adding Subsection (t) to read as follows: |
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(t) A taxable entity that is a banking corporation shall |
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exclude from its total revenue, to the extent included under |
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Subsection (c)(1)(A), (c)(2)(A), or (c)(3), 50 percent of its |
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revenue attributable to extensions of credit: |
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(1) to persons located in this state; or |
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(2) that are secured by collateral located in this |
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state. |
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SECTION 2. This Act applies only to a report originally due |
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on or after January 1, 2008. |
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SECTION 3. This Act takes effect January 1, 2008. |