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A BILL TO BE ENTITLED
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AN ACT
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relating to an exemption from the franchise tax for certain |
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political subdivision corporations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 171, Tax Code, is amended |
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by adding Section 171.086 to read as follows: |
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Sec. 171.086. EXEMPTION: POLITICAL SUBDIVISION |
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CORPORATION. A political subdivision corporation formed under |
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Section 304.001, Local Government Code, is exempted from the |
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franchise tax. |
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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. |