| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Lewis H.B. No. 3696 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to a deduction under the franchise tax for the sale of the | |
| 7 | 7 | entire operating assets of a business or of a separate division, | |
| 8 | 8 | branch or identifiable segment of a business. | |
| 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 (r) and renumbering subsequent subsections to read as | |
| 12 | 12 | follows: | |
| 13 | 13 | (r) A taxable entity shall exclude, to the extent included | |
| 14 | 14 | under Subsection (c)(1)(A), (c)(2)(A), or (c)(3), total revenue | |
| 15 | 15 | received from the sale of the entire operating assets of the entity, | |
| 16 | 16 | or any lower tier entity, or of a separate division, branch or | |
| 17 | 17 | identifiable segment of the entity, or any lower tier entity. | |
| 18 | 18 | SECTION 2. This Act applies only to a report originally due | |
| 19 | 19 | on or after the effective date of this Act. | |
| 20 | 20 | SECTION 3. This Act takes effect January 1, 2010. |