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A BILL TO BE ENTITLED
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AN ACT
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relating to the exclusion of certain amounts from the total revenue |
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of property owners' associations for purposes of the franchise tax. |
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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, is amended by adding |
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Subsection (g-7) to read as follows: |
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(g-7) A taxable entity that is a property owners' |
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association shall exclude from its total revenue, to the extent |
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included under Subsection (c)(1)(A), (c)(2)(A), or (c)(3), |
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assessments received by the association and used for the benefit of |
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the residential subdivision. In this subsection, "assessment," |
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"property owners' association," and "residential subdivision" have |
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the meanings assigned by Section 209.002, Property Code. |
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SECTION 2. 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 3. This Act takes effect January 1, 2010. |