Bill Text: TX HB423 | 2017-2018 | 85th Legislature | Engrossed

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Bill Title: Relating to the computation of cost of goods sold for purposes of the franchise tax by taxable entities that transport ready-mixed concrete.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2017-05-19 - Left pending in committee [HB423 Detail]

Download: Texas-2017-HB423-Engrossed.html

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85R17800 TJB-D
By: Wray H.B. No. 423

A BILL TO BE ENTITLED
AN ACT
relating to the computation of cost of goods sold for purposes of
the franchise tax by taxable entities that transport ready-mixed
concrete.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.1012, Tax Code, is amended by adding
Subsection (r) to read as follows:
(r) Notwithstanding Subsection (e)(3) or (6), a taxable
entity that transports ready-mixed concrete may subtract as cost of
goods sold distribution and rehandling costs regardless of whether
the taxable entity owns the ready-mixed concrete.
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, 2020.