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A BILL TO BE ENTITLED
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AN ACT
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relating to the exclusion of certain flow-through funds by taxable |
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entities engaged in the business of transporting barite in |
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determining total revenue for purposes of the franchise tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.1011, Tax Code, is amended by adding |
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Subsection (g-10) to read as follows: |
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(g-10) A taxable entity that is primarily engaged in the |
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business of transporting barite shall exclude from its total |
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revenue, to the extent included under Subsection (c)(1)(A), |
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(c)(2)(A), or (c)(3), subcontracting payments made by the taxable |
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entity to nonemployee agents for the performance of transportation |
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services on behalf of the taxable entity. For purposes of this |
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subsection, "barite" means barium sulfate (BaSO4), a mineral used |
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as a weighing agent in oil and gas exploration. |
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SECTION 2. This Act applies only to a report originally due |
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on or after the effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2014. |