| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 86R5324 CJC-D | |
| 2 | 2 | By: Wray H.B. No. 710 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the computation of cost of goods sold for purposes of | |
| 8 | 8 | the franchise tax by taxable entities that transport ready-mixed | |
| 9 | 9 | concrete. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Section 171.1012, Tax Code, is amended by adding | |
| 12 | 12 | Subsection (r) to read as follows: | |
| 13 | 13 | (r) Notwithstanding Subsection (e)(3) or (6), a taxable | |
| 14 | 14 | entity that transports ready-mixed concrete may subtract as cost of | |
| 15 | 15 | goods sold distribution and rehandling costs regardless of whether | |
| 16 | 16 | the taxable entity owns the ready-mixed concrete. | |
| 17 | 17 | SECTION 2. This Act applies only to a report originally due | |
| 18 | 18 | on or after the effective date of this Act. | |
| 19 | 19 | SECTION 3. This Act takes effect January 1, 2020. |