Amend CSHB 500 (senate committee printing) by adding the following SECTION, appropriately numbered, and renumbering subsequent SECTIONS accordingly:
SECTION ____.  Subchapter B, Chapter 171, Tax Code, is amended by adding Section 171.086 to read as follows:
Sec. 171.086.  EXEMPTION: POLITICAL SUBDIVISION CORPORATION. A political subdivision corporation formed under Section 304.001, Local Government Code, is exempted from the franchise tax.