BILL ANALYSIS
Senate Research Center H.B. 4611
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
H.B. 4611 amends current law relating to the treatment of proceeds from sales of certain loans and securities for purposes of appointment under the franchise tax.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 171.106, Tax Code, by adding Subsection (f-1), as follows:
(f-1) Provides that, notwithstanding Section 171.1055 (Exclusion of Certain Receipts for Margin Apportionment), if a lending institution categorizes a loan or security as "Securities Available for Sale" or "Trading Securities" under Financial Accounting Standard No. 115, the gross proceeds of the sale of that loan or security are considered gross receipts. Defines "Financial Accounting Standard No. 115" and "security."
SECTION 2. Makes application of this Act prospective.
SECTION 3. Effective date: January 1, 2010.