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A BILL TO BE ENTITLED
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AN ACT
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relating to certain expenditures by public institutions of higher |
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education and university systems that are eligible for certain tax |
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credits. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) Section 171.9015(b), Tax Code, as effective |
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January 1, 2022, is amended to read as follows: |
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(b) Except as provided by Subsection (c), the depreciation |
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and tax-exempt use provisions of Section 47(c)(2), Internal Revenue |
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Code, do not apply to costs and expenses incurred by an entity |
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exempt from the tax imposed under this chapter by Section 171.063 of |
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this code or by an institution of higher education or university |
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system as defined by Section 61.003, Education Code, and those |
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costs and expenses are eligible costs and expenses if the other |
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provisions of Section 47(c)(2), Internal Revenue Code, are |
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satisfied. |
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(b) Effective January 1, 2031, Section 171.9015(b), Tax |
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Code, as effective January 1, 2022, is amended to read as follows: |
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(b) Except as provided by Subsection (c), the depreciation |
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and tax-exempt use provisions of Section 47(c)(2), Internal Revenue |
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Code, do not apply to costs and expenses incurred by an entity |
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exempt from the tax imposed under this chapter by Section 171.063, |
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and those costs and expenses are eligible costs and expenses if the |
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other provisions of Section 47(c)(2), Internal Revenue Code, are |
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satisfied. |
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SECTION 2. (a) Section 171.9015(b), Tax Code, as amended |
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by Section 1(a) of this Act, applies only to costs and expenses |
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incurred on or after the effective date of this Act. |
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(b) Section 171.9015(b), Tax Code, as amended by Section |
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1(b) of this Act, applies only to costs and expenses incurred on or |
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after January 1, 2031. |
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SECTION 3. This Act takes effect September 1, 2023. |