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AN ACT
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relating to the determination of eligible costs and expenses for |
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purposes of the franchise tax credit for the rehabilitation of |
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historic structures. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.901(4), Tax Code, is amended to read |
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as follows: |
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(4) "Eligible costs and expenses" means qualified |
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rehabilitation expenditures as defined by Section 47(c)(2), |
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Internal Revenue Code, except that the depreciation and tax-exempt |
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use provisions of that section do not apply to costs and expenses |
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incurred by an entity exempt from the tax imposed under this chapter |
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by Section 171.063, and those costs and expenses are eligible costs |
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and expenses if the other provisions of Section 47(c)(2), Internal |
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Revenue Code, are satisfied. |
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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. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 3230 was passed by the House on May 4, |
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2015, by the following vote: Yeas 137, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 3230 was passed by the Senate on May |
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24, 2015, by the following vote: Yeas 29, Nays 1. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |