Texas 2009 - 81st Regular

Texas House Bill HB3453

Voted on by House
 
Out of Senate Committee
 
Voted on by Senate
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to apportionment for margin tax purposes resulting from loans and securities held as inventory.

Impact

The passage of HB 3453 will have implications for businesses that deal in loans and securities, particularly those with inventory accounting methods. By aligning state tax treatment with federal guidelines, businesses may find it easier to comply with tax regulations. This bill seeks to provide a clearer framework for companies to correctly categorize their transactions, thus reducing potential discrepancies in tax reporting. This could potentially affect revenue projections for the state by redefining how certain receipts are accounted for under the margin tax.

Summary

House Bill 3453 addresses the apportionment of margin tax specifically related to loans and securities that are held as inventory. The bill amends Section 171.106(f) to clarify that if a loan or security is categorized as inventory for federal income tax purposes, the gross proceeds from the sale of that loan or security will be classified as gross receipts. This clarification aims to streamline the tax reporting process for businesses involved in these transactions and ensures consistency with federal tax treatment.

Contention

While the text of the bill seems straightforward, potential points of contention could arise from differing interpretations of what constitutes inventory in the context of loans and securities. Stakeholders, particularly those in finance and accounting sectors, may have concerns over how these changes will be applied in practice. Additionally, the amendment might spur discussions about broader implications for other forms of taxation and how they are defined within state law.

Companion Bills

No companion bills found.

Previously Filed As

TX SB871

Relating to the exemption of inventory from ad valorem taxation.

TX HB1994

Relating to an exemption from ad valorem taxation of a percentage of the appraised value of the tangible personal property a person owns that consists of inventory held for sale at retail.

TX HB3008

Relating to the effect of the category of the motor vehicle dealer general distinguishing number issued by the Texas Department of Motor Vehicles and held by a person on the appraisal for ad valorem tax purposes of the person's motor vehicle inventory.

TX SB138

Relating to the effect of the category of the motor vehicle dealer general distinguishing number issued by the Texas Department of Motor Vehicles and held by a person on the appraisal for ad valorem tax purposes of the person's motor vehicle inventory.

TX SB2289

Relating to the exemption from ad valorem taxation of equipment or inventory held by a manufacturer of medical or biomedical products to protect the Texas healthcare network and strengthen our medical supply chain.

TX HB3769

Relating to the ad valorem taxation of certain dealer's heavy equipment inventory.

TX HJR104

Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a percentage of the market value of the tangible personal property a person owns that consists of inventory held for sale at retail.

TX HB4871

Relating to the electronic submission of dealer's motor vehicle inventory tax statements and escrow payments.

TX SB2252

Relating to the electronic submission of dealer's motor vehicle inventory tax statements and escrow payments.

TX HB4360

Relating to the inventory and inspection of certain converted wells.

Similar Bills

No similar bills found.