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A BILL TO BE ENTITLED
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AN ACT
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relating to credits against the revised franchise tax for certain |
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activities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 171, Tax Code, is amended by adding |
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Subchapter I-1 to read as follows: |
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SUBCHAPTER I-1. APPLICATION OF CREDITS TO NONCORPORATE TAXABLE |
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ENTITIES |
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Sec. 171.451. APPLICATION OF CREDITS TO NONCORPORATE |
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TAXABLE ENTITIES. A taxable entity that is not a corporation but |
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that, because of its activities, would qualify for a specific |
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credit under this chapter if it were a corporation qualifies for the |
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credit in the same manner and under the same conditions as a |
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corporation. |
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SECTION 2. Section 18(a), Chapter 1, Acts of the 79th |
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Legislature, 3rd Called Session, 2006, is amended to read as |
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follows: |
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(a) The following provisions of Chapter 171, Tax Code, are |
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repealed: |
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(1) Subchapter L; |
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(2) Subchapter M; |
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(3) [Subchapter N;
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[(4)Subchapter O;
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[(5)Subchapter P;
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[(6)Subchapter Q;
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[(7)] Subchapter R; |
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(4) [(8)] Subchapter S; |
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(5) [(9)] Subchapter T; |
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(6) [(10)] Subchapter U as added by Chapter 209, Acts |
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of the 78th Legislature, Regular Session, 2003; and |
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(7) [(11)] Subchapter U as added by Chapter 1274, Acts |
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of the 78th Legislature, Regular Session, 2003. |
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SECTION 3. Sections 18(c), (d), (e), and (f), Chapter 1, |
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Acts of the 79th Legislature, 3rd Called Session, 2006, are |
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repealed. |
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SECTION 4. This Act applies only to a report originally due |
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on or after the effective date of this Act. |
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SECTION 5. (a) Except as provided by Subsection (b) of this |
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section, this Act takes effect September 1, 2007. |
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(b) Section 1 of this Act takes effect January 1, 2008. |