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A BILL TO BE ENTITLED
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AN ACT
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relating to the status of separate legal entities for purposes of |
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the sales and use tax on aircraft. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 151, Tax Code, is amended |
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by adding Section 151.030 to read as follows: |
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Sec. 151.030. SEPARATE LEGAL ENTITY STATUS IN RELATION TO |
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AIRCRAFT. In relation to the application of the sales and use tax |
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to an aircraft, the comptroller shall respect a sale, lease, |
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rental, or other transaction between a legal entity and its owners |
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or another legal entity to the same extent as a transaction between |
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unrelated persons. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |