TITLE: Relating to the status of separate legal entities for purposes of the sales and use tax on aircraft.

SUMMARY: Relating to the status of separate legal entities for purposes of the sales and use tax on aircraft.

FULL TEXT:
AN ACT relating to the status of separate legal entities for purposes of the sales and use tax on aircraft. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter B, Chapter 151, Tax Code, is amended by adding Section 151.030 to read as follows: Sec. 151.030. SEPARATE LEGAL ENTITY STATUS IN RELATION TO AIRCRAFT. In relation to the application of the sales and use tax to an aircraft, the comptroller shall respect a sale, lease, rental, or other transaction between a legal entity and its owners or another legal entity to the same extent as a transaction between unrelated persons. 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.