| 1 | 1 | | H.B. No. 4611 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | AN ACT |
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| 5 | 5 | | relating to the treatment of proceeds from sales of certain loans |
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| 6 | 6 | | and securities for purposes of apportionment under the franchise |
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| 7 | 7 | | tax. |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Section 171.106, Tax Code, is amended by adding |
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| 10 | 10 | | Subsection (f-1) to read as follows: |
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| 11 | 11 | | (f-1) Notwithstanding Section 171.1055, if a lending |
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| 12 | 12 | | institution categorizes a loan or security as "Securities Available |
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| 13 | 13 | | for Sale" or "Trading Securities" under Financial Accounting |
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| 14 | 14 | | Standard No. 115, the gross proceeds of the sale of that loan or |
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| 15 | 15 | | security are considered gross receipts. In this subsection, |
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| 16 | 16 | | "Financial Accounting Standard No. 115" means the Financial |
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| 17 | 17 | | Accounting Standard No. 115 in effect as of January 1, 2009, not |
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| 18 | 18 | | including any changes made after that date. In this subsection, |
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| 19 | 19 | | "security" means a security as defined in Section 171.0001(13-a). |
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| 20 | 20 | | SECTION 2. This Act applies only to a report originally due |
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| 21 | 21 | | on or after the effective date of this Act. |
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| 22 | 22 | | SECTION 3. This Act takes effect January 1, 2010. |
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| 23 | 23 | | ______________________________ ______________________________ |
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| 24 | 24 | | President of the Senate Speaker of the House |
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| 25 | 25 | | I certify that H.B. No. 4611 was passed by the House on May 1, |
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| 26 | 26 | | 2009, by the following vote: Yeas 139, Nays 0, 1 present, not |
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| 27 | 27 | | voting. |
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| 28 | 28 | | ______________________________ |
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| 29 | 29 | | Chief Clerk of the House |
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| 30 | 30 | | I certify that H.B. No. 4611 was passed by the Senate on May |
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| 31 | 31 | | 27, 2009, by the following vote: Yeas 31, Nays 0. |
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| 32 | 32 | | ______________________________ |
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| 33 | 33 | | Secretary of the Senate |
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| 34 | 34 | | APPROVED: _____________________ |
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| 35 | 35 | | Date |
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| 36 | 36 | | _____________________ |
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| 37 | 37 | | Governor |
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