84R13839 TJB-F
 
  By: Rodriguez of Bexar H.B. No. 3230
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the determination of eligible costs and expenses for
  purposes of the franchise tax credit for the rehabilitation of
  historic structures.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 171.901(4), Tax Code, is amended to read
  as follows:
               (4)  "Eligible costs and expenses" means qualified
  rehabilitation expenditures as defined by Section 47(c)(2),
  Internal Revenue Code, except that the depreciation and tax-exempt
  use provisions of that section do not apply to costs and expenses
  incurred by an entity exempt from the tax imposed under this chapter
  by Section 171.063, and those costs and expenses are eligible costs
  and expenses if the other provisions of Section 47(c)(2), Internal
  Revenue Code, are satisfied.
         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, 2016.