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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 funds in determining total |
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revenue for purposes of the franchise tax by taxable entities |
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engaged in the business of harvesting trees for wood. |
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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 (g-9) to read as follows: |
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(g-9) A taxable entity that is primarily engaged in the |
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business of harvesting trees for wood shall exclude from its total |
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revenue, to the extent included under Subsection (c)(1)(A), |
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(c)(2)(A), or (c)(3), payments made by the taxable entity to a |
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person who owns or controls the land from which the trees are |
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harvested, provided that person is not the taxable entity. |
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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, 2016. |