TITLE: Relating to a study regarding the reenactment of the franchise tax credit or providing other incentives for certain research and development activities.

SUMMARY: Relating to a study regarding the reenactment of the franchise tax credit or providing other incentives for certain research and development activities.

FULL TEXT:
AN ACT relating to a study regarding the reenactment of the franchise tax credit or providing other incentives for certain research and development activities. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter E, Chapter 171, Tax Code, is amended by adding Section 171.215 to read as follows: Sec. 171.215. STUDY OF INCENTIVES FOR RESEARCH AND DEVELOPMENT ACTIVITIES. (a) The Legislative Budget Board shall conduct a study of: (1) the costs and benefits to the state of reenacting the tax credit for research and development activities in effect under Subchapter Obefore the repeal of that subchapter by Chapter 1 (H.B. 3), Acts of the 79th Legislature, 3rd Called Session, 2006; and (2) the types of research and development incentives available in other states. (b) The Legislative Budget Board may seek the assistance of other state agencies in conducting the study, but the study must be completed using existing resources available to the Legislative Budget Board and any assisting agencies. (c) The Legislative Budget Board shall report the results of the study to the legislature not later than January 1, 2013. (d) This section expires September 1, 2013. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.