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A BILL TO BE ENTITLED
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AN ACT
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relating to the definition of production used in determining the |
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cost of goods sold for franchise tax purposes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.1012(a)(2), Tax Code, is amended to |
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read as follows: |
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(2) "Production" means [includes] construction, |
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[installation,] manufacture, development, mining, extraction, |
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improvement, creation, raising, or growth. |
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SECTION 2. The amendment made by this Act to Section |
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171.1012, Tax Code, is a clarification of existing law and does not |
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imply that Section 171.1012, Tax Code, before the amendment made by |
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this Act may be construed as inconsistent with Section 171.1012, |
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Tax Code, as amended by this Act. |
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SECTION 3. This Act takes effect September 1, 2017. |