81R4955 CBH-D
By: Truitt H.B. No. 1006
A BILL TO BE ENTITLED
AN ACT
relating to the exclusion of certain amounts from the total revenue
of property owners' associations 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 adding
Subsection (g-7) to read as follows:
(g-7) A taxable entity that is a property owners'
association shall exclude from its total revenue, to the extent
included under Subsection (c)(1)(A), (c)(2)(A), or (c)(3),
assessments received by the association and used for the benefit of
the residential subdivision. In this subsection, "assessment,"
"property owners' association," and "residential subdivision" have
the meanings assigned by Section 209.002, Property Code.
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, 2010.