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A BILL TO BE ENTITLED
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AN ACT
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relating to the exclusion of certain transportation services costs |
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in determining total revenue for purposes of the franchise tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.1011, Tax Code, is amended by adding |
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Subsection (v) to read as follows: |
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(v) A taxable entity primarily engaged in the business of |
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transporting commodities by waterways that does not subtract cost |
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of goods sold in computing its taxable margin shall exclude from its |
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total revenue direct costs of providing inbound and outbound |
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transportation services by intrastate or interstate waterways to |
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the same extent that a taxable entity that sells in the ordinary |
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course of business real or tangible personal property would be |
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authorized by Section 171.1012 to subtract those costs as costs of |
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goods sold in computing its taxable margin. |
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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, 2014. |