| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the application of the franchise tax to banking |
|
|
corporations. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 171.1011, Tax Code, is amended by adding |
|
|
Subsection (u) to read as follows: |
|
|
(u) A taxable entity that is a banking corporation shall |
|
|
exclude from its total revenue, to the extent included under |
|
|
Subsection (c)(1)(A), (c)(2)(A), or (c)(3), 50 percent of its |
|
|
revenue attributable to extensions of credit: |
|
|
(1) to persons located in this state; or |
|
|
(2) that are secured by collateral located in this |
|
|
state. |
|
|
SECTION 2. This Act applies only to a report originally due |
|
|
on or after the effective date of this Act. |
|
|
SECTION 3. This Act takes effect January 1, 2010. |