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By: Murphy (Senate Sponsor - Perry) |
H.B. No. 3992 |
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(In the Senate - Received from the House May 5, 2017; |
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May 10, 2017, read first time and referred to Committee on Finance; |
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May 19, 2017, reported favorably by the following vote: Yeas 12, |
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Nays 0; May 19, 2017, sent to printer.) |
Click here to see the committee vote |
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A BILL TO BE ENTITLED
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AN ACT
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relating to a franchise tax exemption for certain cooperatives with |
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a member that has farmer-fruit grower members. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.071, Tax Code, is amended to read as |
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follows: |
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Sec. 171.071. EXEMPTION--FARMERS' COOPERATIVE SOCIETY. A |
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cooperative that is either a farmers' cooperative society |
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incorporated under Chapter 51, Agriculture Code, or a cooperative |
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whose single member is a farmers' cooperative described in Section |
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521(b)(1), Internal Revenue Code, that has at least 500 |
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farmer-fruit grower members, is exempted from the franchise tax. |
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SECTION 2. The amendment made by this Act to Section |
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171.071, Tax Code, is a clarification of existing law. |
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SECTION 3. 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, 2017. |
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