TITLE: Relating to the computation of cost of goods for purposes of the franchise tax by certain taxable entities.

SUMMARY: Relating to the computation of cost of goods for purposes of the franchise tax by certain taxable entities.

FULL TEXT:
AN ACT relating to the computation of cost of goods for purposes of the franchise tax by certain taxable entities. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 171.1011, Tax Code, is amended by adding subsection (g-12) to read as follows: (g-12) A taxable entity that is primarily engaged in the resell of tickets to entertainment events shall exclude from its total revenue, to the extent included under Subsection (c)(1)(A), (c)(2)(A), or (c)(3), payments made to other persons for the original purchase of a ticket being resold. SECTION 2. This Act takes effect September 1, 2015.