TITLE: Relating to the cost of goods sold for purposes of the franchise tax for certain zoos and aquariums.

SUMMARY: Relating to the cost of goods sold for purposes of the franchise tax for certain zoos and aquariums.

FULL TEXT:
AN ACT relating to the cost of goods sold for purposes of the franchise tax for certain zoos and aquariums. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 171.1012, Tax Code, is amended by adding Subsection (u) to read as follows: (u) If a taxable entity accredited by the Association of Zoos and Aquariums elects to subtract cost of goods sold, the cost of goods sold for the taxable entity shall be the costs described by this section in relation to the acquisition, husbandry, production, exhibition, or conservation of animals. 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, 2016.