Bill Text: TX HB3413 | 2019-2020 | 86th Legislature | Comm Sub
Bill Title: Relating to the application of the franchise tax to and computation of franchise tax owed by certain entities that hold precious metals.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-05-03 - Committee report sent to Calendars [HB3413 Detail]
Download: Texas-2019-HB3413-Comm_Sub.html
86R26243 CJC-F | |||
By: Capriglione | H.B. No. 3413 | ||
Substitute the following for H.B. No. 3413: | |||
By: Shaheen | C.S.H.B. No. 3413 |
|
||
|
||
relating to the application of the franchise tax to and computation | ||
of franchise tax owed by certain entities that hold precious | ||
metals. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter A, Chapter 171, Tax Code, is amended | ||
by adding Section 171.0021 to read as follows: | ||
Sec. 171.0021. CERTAIN ENTITIES NOT ENGAGED IN BUSINESS IN | ||
THIS STATE. (a) In this section: | ||
(1) "Bullion" has the meaning assigned by Section | ||
2116.001, Government Code. | ||
(2) "Bullion holder" means a person who holds, stores, | ||
purchases, sells, trades, or manages the ownership of platinum, | ||
gold, or silver bullion, including gold, silver, or numismatic | ||
coins. | ||
(b) A taxable entity whose only activity in this state is as | ||
a bullion holder is not considered to be doing business in this | ||
state for purposes of Section 171.001 and is not required to file a | ||
report under Subchapter E. | ||
SECTION 2. Section 171.1011, Tax Code, is amended by adding | ||
Subsection (g-13) to read as follows: | ||
(g-13) A taxable entity that is a bullion holder shall | ||
exclude from its total revenue, to the extent included under | ||
Subsection (c)(1)(A), (c)(2)(A), or (c)(3), all gains or losses | ||
attributable to the purchase or the sale, trade, barter, gift, | ||
donation, or other disposal of platinum, gold, or silver bullion, | ||
including gold, silver, or numismatic coins. For purposes of this | ||
subsection, "bullion" and "bullion holder" have the meanings | ||
assigned by Section 171.0021. | ||
SECTION 3. This Act applies only to a report originally due | ||
on or after the effective date of this Act. | ||
SECTION 4. This Act takes effect January 1, 2020. |