| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 83R6785 BEF-F | |
| 2 | 2 | By: N. Gonzalez of El Paso H.B. No. 1596 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the exclusion of certain flow-through funds by taxable | |
| 8 | 8 | entities engaged in the business of transporting barite in | |
| 9 | 9 | determining total revenue for purposes of the franchise tax. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Section 171.1011, Tax Code, is amended by adding | |
| 12 | 12 | Subsection (g-10) to read as follows: | |
| 13 | 13 | (g-10) A taxable entity that is primarily engaged in the | |
| 14 | 14 | business of transporting barite shall exclude from its total | |
| 15 | 15 | revenue, to the extent included under Subsection (c)(1)(A), | |
| 16 | 16 | (c)(2)(A), or (c)(3), subcontracting payments made by the taxable | |
| 17 | 17 | entity to nonemployee agents for the performance of transportation | |
| 18 | 18 | services on behalf of the taxable entity. For purposes of this | |
| 19 | 19 | subsection, "barite" means barium sulfate (BaSO4), a mineral used | |
| 20 | 20 | as a weighing agent in oil and gas exploration. | |
| 21 | 21 | SECTION 2. This Act applies only to a report originally due | |
| 22 | 22 | on or after the effective date of this Act. | |
| 23 | 23 | SECTION 3. This Act takes effect January 1, 2014. |