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A BILL TO BE ENTITLED
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AN ACT
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relating to a franchise tax credit for taxable entities that pay |
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tolls and other charges for use of a toll road. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 171, Tax Code, is amended by adding |
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Subchapter N to read as follows: |
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SUBCHAPTER N. TAX CREDIT FOR TOLLS PAID |
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Sec. 171.701. ENTITLEMENT TO CREDIT. A taxable entity is |
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entitled to a credit in the amount and under the conditions and |
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limitations provided by this subchapter against the tax imposed |
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under this chapter. |
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Sec. 171.702. QUALIFICATION. A taxable entity qualifies |
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for a credit under this subchapter if the taxable entity pays a toll |
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or other charge imposed for the use of a toll road located in this |
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state. |
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Sec. 171.703. AMOUNT; LIMITATIONS. (a) The amount of the |
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credit is equal to 50 percent of the total amount of tolls and other |
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charges paid by the taxable entity during a reporting period for the |
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use of a toll road located in this state. |
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(b) A taxable entity may not convey, assign, or transfer a |
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credit under this subchapter to another entity unless all of the |
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assets of the taxable entity are conveyed, assigned, or transferred |
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in the same transaction. |
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Sec. 171.704. APPLICATION FOR CREDIT. A taxable entity |
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must apply for a credit under this subchapter on or with the tax |
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report for the period for which the credit is claimed. |
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Sec. 171.705. RULES. The comptroller shall adopt rules |
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necessary to implement this subchapter. |
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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. |