| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R12790 JE-F | |
| 2 | 2 | By: Paxton H.B. No. 3764 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the application of the franchise tax to banking | |
| 8 | 8 | corporations. | |
| 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 (u) to read as follows: | |
| 12 | 12 | (u) A taxable entity that is a banking corporation shall | |
| 13 | 13 | exclude from its total revenue, to the extent included under | |
| 14 | 14 | Subsection (c)(1)(A), (c)(2)(A), or (c)(3), 50 percent of its | |
| 15 | 15 | revenue attributable to extensions of credit: | |
| 16 | 16 | (1) to persons located in this state; or | |
| 17 | 17 | (2) that are secured by collateral located in this | |
| 18 | 18 | state. | |
| 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. |