| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Taylor of Galveston S.B. No. 1800 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to the computation of cost of goods for purposes of the | |
| 7 | 7 | franchise tax by certain taxable entities. | |
| 8 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 9 | 9 | SECTION 1. Subchapter C, Section 171.1012 is amended by | |
| 10 | 10 | adding subsection (u) to read as follows: | |
| 11 | 11 | (u) Notwithstanding any other provision of this section, a | |
| 12 | 12 | taxable entity that is in the business of procuring and reselling | |
| 13 | 13 | tickets which allow for access to an event that requires a ticket to | |
| 14 | 14 | obtain admission, including sporting events, concerts, and | |
| 15 | 15 | theatrical shows and that elects to subtract cost of goods sold, may | |
| 16 | 16 | subtract as a cost of goods sold an amount equal to the purchase | |
| 17 | 17 | price of such tickets. | |
| 18 | 18 | SECTION 2. This Act takes effect September 1, 2015. |