| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 85R15257 E | |
| 2 | 2 | By: Springer H.B. No. 3345 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the definition of "passive entity" for the franchise | |
| 8 | 8 | tax. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 171.0003(b), Tax Code, is amended to | |
| 11 | 11 | read as follows: | |
| 12 | 12 | (b) The income described by Subsection (a)(2) does not | |
| 13 | 13 | include: | |
| 14 | 14 | (1) rent; [or] | |
| 15 | 15 | (2) income received by a nonoperator from mineral | |
| 16 | 16 | properties under a joint operating agreement if the nonoperator is | |
| 17 | 17 | a member of an affiliated group and another member of that group is | |
| 18 | 18 | the operator under the same joint operating agreement; or | |
| 19 | 19 | (3) interest income by a person in the business of | |
| 20 | 20 | making loans to the general public. | |
| 21 | 21 | SECTION 2. This Act is a clarification of existing law and | |
| 22 | 22 | does not imply that existing law may be construed as inconsistent | |
| 23 | 23 | with the law as amended by this Act. | |
| 24 | 24 | SECTION 3. This Act takes effect September 1, 2017. |