| |
| |
|
|
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. |