By: Oliveira H.B. No. 4611
A BILL TO BE ENTITLED
AN ACT
relating to treatment of the sale of loans or securities for
apportionment purposes.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.106 (f) is amended to read as
follows:
ยง171.106 (f) Notwithstanding Section 171.1055, if a loan or
security is treated as inventory of the seller for federal income
tax purposes or generally accepted accounting principles, the gross
proceeds of the sale of that loan or security are considered gross
receipts.
SECTION 2. This Act takes effect September 1, 2009.