| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the computation of taxable margin for purposes of the |
|
|
franchise tax by certain taxable entities. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 171.1013, Tax Code, is amended by adding |
|
|
Subsection (i) to read as follows: |
|
|
(i) Subject to Section 171.1014 and the limitation in |
|
|
Subsection (c), a taxable entity that elects to subtract |
|
|
compensation for the purpose of computing its taxable margin under |
|
|
Section 171.101 may include as wages and cash compensation any |
|
|
nonemployee compensation paid to an independent contractor as |
|
|
reported on Internal Revenue Service Form 1099, or any subsequent |
|
|
form with a different number or designation that substantially |
|
|
provides the same information. |
|
|
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, 2012. |