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A BILL TO BE ENTITLED
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AN ACT
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relating to apportionment of margin from receipts from the sale of |
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locomotives for purposes of the franchise tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.106, Tax Code, is amended by adding |
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Subsection (h) to read as follows: |
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(h) A taxable entity's margin that is derived from receipts |
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from the sale of locomotives sold for use in interstate commerce is |
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apportioned to this state to determine the amount of the tax imposed |
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under Section 171.002 by multiplying the taxable entity's total |
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margin from receipts from the sale of locomotives sold for use in |
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interstate commerce by a fraction, the numerator of which is the |
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number of miles of railway track in this state and the denominator |
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of which is the number of miles of railway track in the United |
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States. In this subsection, "locomotive" means self-propelled |
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railroad equipment consisting of one or more units designed to |
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operate on stationary steel rails or electromagnetic guideways. |
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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. |