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A BILL TO BE ENTITLED
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AN ACT
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relating to a deduction under the franchise tax for the sale of the |
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entire operating assets of a business or of a separate division, |
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branch or identifiable segment of a business. |
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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 (r) and renumbering subsequent subsections to read as |
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follows: |
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(r) A taxable entity shall exclude, to the extent included |
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under Subsection (c)(1)(A), (c)(2)(A), or (c)(3), total revenue |
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received from the sale of the entire operating assets of the entity, |
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or any lower tier entity, or of a separate division, branch or |
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identifiable segment of the entity, or any lower tier entity. |
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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. |