Bill Text: TX HB2943 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the exclusion of certain payments from total revenue for purposes of the franchise tax.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-16 - Referred to Ways & Means [HB2943 Detail]
Download: Texas-2015-HB2943-Introduced.html
84R13307 BEF-F | ||
By: Capriglione | H.B. No. 2943 |
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relating to the exclusion of certain payments from total revenue | ||
for purposes of the franchise tax. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 171.1011, Tax Code, is amended by | ||
amending Subsection (g) and adding Subsection (g-9) to read as | ||
follows: | ||
(g) A taxable entity shall exclude from its total revenue, | ||
to the extent included under Subsection (c)(1)(A), (c)(2)(A), or | ||
(c)(3), [ |
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by contract or subcontract to be distributed to other entities: | ||
(1) sales commissions to nonemployees, including | ||
split-fee real estate commissions; and | ||
(2) the tax basis as determined under the Internal | ||
Revenue Code of securities underwritten[ |
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(g-9) A taxable entity shall exclude from its total revenue, | ||
to the extent included under Subsection (c)(1)(A), (c)(2)(A), or | ||
(c)(3), subcontracting payments made under a contract or | ||
subcontract entered into by the taxable entity to provide services, | ||
labor, or materials in connection with the actual or proposed | ||
design, construction, remodeling, remediation, or repair of | ||
improvements on real property or the location of the boundaries of | ||
real property. A taxable entity is not required to segregate money | ||
in order to qualify for the exclusion under this subsection. | ||
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. |