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Amend HB 831 by adding the following appropriately numbered
SECTION to the bill and renumbering subsequent SECTIONS
appropriately:
SECTION ____. Subchapter B, Chapter 171, Tax Code, is
amended by adding Section 171.0615 to read as follows:
Sec. 171.0615. EXEMPTION--CERTAIN NONPROFIT LIMITED
LIABILITY COMPANIES. A limited liability company treated as a
disregarded entity for federal tax purposes under Treasury
Regulation Section 301.7701-3 whose sole member is exempted from
federal taxation under Section 501(a), Internal Revenue Code of
1986, by being listed as an exempt organization under Section
501(c)(3) of that code, is exempted from the franchise tax if the
limited liability company is formed solely to carry out the
charitable activities of the limited liability company's sole
member.