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AN ACT
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relating to the treatment of proceeds from sales of certain loans |
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and securities for purposes of apportionment under the franchise |
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tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.106, Tax Code, is amended by adding |
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Subsection (f-1) to read as follows: |
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(f-1) Notwithstanding Section 171.1055, if a lending |
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institution categorizes a loan or security as "Securities Available |
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for Sale" or "Trading Securities" under Financial Accounting |
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Standard No. 115, the gross proceeds of the sale of that loan or |
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security are considered gross receipts. In this subsection, |
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"Financial Accounting Standard No. 115" means the Financial |
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Accounting Standard No. 115 in effect as of January 1, 2009, not |
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including any changes made after that date. In this subsection, |
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"security" means a security as defined in Section 171.0001(13-a). |
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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. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 4611 was passed by the House on May 1, |
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2009, by the following vote: Yeas 139, Nays 0, 1 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 4611 was passed by the Senate on May |
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27, 2009, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |