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A BILL TO BE ENTITLED
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AN ACT
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relating to the computation of cost of goods for purposes of the |
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franchise tax by certain taxable entities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Section 171.1012 is amended by |
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adding subsection (u) to read as follows: |
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(u) Notwithstanding any other provision of this section, a |
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taxable entity that is in the business of procuring and reselling |
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tickets which allow for access to an event that requires a ticket to |
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obtain admission, including sporting events, concerts, and |
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theatrical shows and that elects to subtract cost of goods sold, may |
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subtract as a cost of goods sold an amount equal to the purchase |
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price of such tickets. |
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SECTION 2. This Act takes effect September 1, 2015. |