83R23680 KLA-D
By: Murphy, Raney, Guillen, et al. H.B. No. 510
Substitute the following for H.B. No. 510:
By: Hilderbran C.S.H.B. No. 510
A BILL TO BE ENTITLED
AN ACT
relating to the computation of the franchise tax by taxable
entities that rent or lease certain equipment and other items.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.0001(12), Tax Code, is amended to
read as follows:
(12) "Retail trade" means:
(A) the activities described in Division G of the
1987 Standard Industrial Classification Manual published by the
federal Office of Management and Budget; [and]
(B) apparel rental activities classified as
Industry 5999 or 7299 of the 1987 Standard Industrial
Classification Manual published by the federal Office of Management
and Budget;
(C) activities involving the rental or leasing of
tools, party and event supplies, and furniture that are classified
as Industry 7359 of the 1987 Standard Industrial Classification
Manual published by the federal Office of Management and Budget; or
(D) heavy construction equipment rental or
leasing activities classified as Industry 7353 of the 1987 Standard
Industrial Classification Manual published by the federal Office of
Management and Budget.
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.