| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R4955 CBH-D | |
| 2 | 2 | By: Truitt H.B. No. 1006 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the exclusion of certain amounts from the total revenue | |
| 8 | 8 | of property owners' associations for purposes of the franchise tax. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 171.1011, Tax Code, is amended by adding | |
| 11 | 11 | Subsection (g-7) to read as follows: | |
| 12 | 12 | (g-7) A taxable entity that is a property owners' | |
| 13 | 13 | association shall exclude from its total revenue, to the extent | |
| 14 | 14 | included under Subsection (c)(1)(A), (c)(2)(A), or (c)(3), | |
| 15 | 15 | assessments received by the association and used for the benefit of | |
| 16 | 16 | the residential subdivision. In this subsection, "assessment," | |
| 17 | 17 | "property owners' association," and "residential subdivision" have | |
| 18 | 18 | the meanings assigned by Section 209.002, Property Code. | |
| 19 | 19 | SECTION 2. This Act applies only to a report originally due | |
| 20 | 20 | on or after the effective date of this Act. | |
| 21 | 21 | SECTION 3. This Act takes effect January 1, 2010. |