| |
|
| |
|
|
By: Oliveira, Otto (Senate Sponsor - Williams) |
H.B. No. 4611 |
|
|
(In the Senate - Received from the House May 4, 2009; |
|
|
May 6, 2009, read first time and referred to Committee on Finance; |
|
|
May 23, 2009, reported favorably by the following vote: Yeas 12, |
|
|
Nays 0; May 23, 2009, sent to printer.) |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
| |
|
|
relating to the treatment of proceeds from sales of certain loans |
|
|
and securities for purposes of apportionment under the franchise |
|
|
tax. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 171.106, Tax Code, is amended by adding |
|
|
Subsection (f-1) to read as follows: |
|
|
(f-1) Notwithstanding Section 171.1055, if a lending |
|
|
institution categorizes a loan or security as "Securities Available |
|
|
for Sale" or "Trading Securities" under Financial Accounting |
|
|
Standard No. 115, the gross proceeds of the sale of that loan or |
|
|
security are considered gross receipts. In this subsection, |
|
|
"Financial Accounting Standard No. 115" means the Financial |
|
|
Accounting Standard No. 115 in effect as of January 1, 2009, not |
|
|
including any changes made after that date. In this subsection, |
|
|
"security" means a security as defined in Section 171.0001(13-a). |
|
|
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. |
|
|
|
|
|
* * * * * |