| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Villalba H.B. No. 3791 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to an exclusion from total revenue of certain payments | |
| 7 | 7 | received from an insurance organization that owns a controlling | |
| 8 | 8 | interest in a taxable entity for purposes of computing the | |
| 9 | 9 | franchise tax. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Sec. 171.1011, Tax Code, is amended by adding new | |
| 12 | 12 | Subsection (y) to read as follows: | |
| 13 | 13 | (y) A taxable entity shall exclude from its total revenue, | |
| 14 | 14 | to the extent included under Subsection (c)(1)(A), (c)(2)(A), or | |
| 15 | 15 | (c)(3), payments received from an insurance organization that is | |
| 16 | 16 | exempted from the franchise tax, if the insurance organization owns | |
| 17 | 17 | a controlling interest in the taxable entity. | |
| 18 | 18 | SECTION 2. This Act applies only to a report originally due | |
| 19 | 19 | on or after the effective date of this Act. | |
| 20 | 20 | SECTION 3. This Act takes effect January 1, 2018. |