By: Button, et al. (Senate Sponsor - Hinojosa) H.B. No. 2684

(In the Senate - Received from the House April 29, 2013; April 29, 2013, read first time and referred to Committee on Finance; May 20, 2013, reported favorably by the following vote: Yeas 14, Nays 0; May 20, 2013, sent to printer.)

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.

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