By: Button, et al. (Senate Sponsor - Hinojosa) H.B. No. 2684
(In the Senate - Received from the House April 29, 2013;
April 29, 2013, read first time and referred to Committee on
Finance; May 20, 2013, reported favorably by the following vote:
Yeas 14, Nays 0; May 20, 2013, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to an exemption from the franchise tax for certain
political subdivision corporations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 171, Tax Code, is amended
by adding Section 171.086 to read as follows:
Sec. 171.086. EXEMPTION: POLITICAL SUBDIVISION
CORPORATION. A political subdivision corporation formed under
Section 304.001, Local Government Code, is exempted from the
franchise tax.
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, 2014.
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