83R10564 CJC-F
 
  By: Button, Otto, Bohac, Strama, Ashby, H.B. No. 2684
      et al.
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to an exemption from the franchise tax for certain
  political subdivision corporations.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  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.
         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, 2014.