By: Oliveira, Otto (Senate Sponsor - Williams) H.B. No. 4611
(In the Senate - Received from the House May 4, 2009;
May 6, 2009, read first time and referred to Committee on Finance;
May 23, 2009, reported favorably by the following vote: Yeas 12,
Nays 0; May 23, 2009, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to the treatment of proceeds from sales of certain loans
and securities for purposes of apportionment under the franchise
tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.106, Tax Code, is amended by adding
Subsection (f-1) to read as follows:
(f-1) Notwithstanding Section 171.1055, if a lending
institution categorizes a loan or security as "Securities Available
for Sale" or "Trading Securities" under Financial Accounting
Standard No. 115, the gross proceeds of the sale of that loan or
security are considered gross receipts. In this subsection,
"Financial Accounting Standard No. 115" means the Financial
Accounting Standard No. 115 in effect as of January 1, 2009, not
including any changes made after that date. In this subsection,
"security" means a security as defined in Section 171.0001(13-a).
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.
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