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A BILL TO BE ENTITLED
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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. |