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A BILL TO BE ENTITLED
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AN ACT
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relating to treatment of the sale of loans or securities for |
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apportionment purposes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.106 (f) is amended to read as |
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follows: |
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§171.106 (f) Notwithstanding Section 171.1055, if a loan or |
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security is treated as inventory of the seller for federal income |
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tax purposes or generally accepted accounting principles, the gross |
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proceeds of the sale of that loan or security are considered gross |
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receipts. |
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SECTION 2. This Act takes effect September 1, 2009. |