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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 10. GENERAL GOVERNMENT |
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Subtitle G. ECONOMIC DEVELOPMENT PROGRAMS INVOLVING BOTH STATE AND LOCAL GOVERNMENTS |
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Chapter 2303. ENTERPRISE ZONES |
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Subchapter G. ENTERPRISE ZONE BENEFITS |
Sec. 2303.504. STATE TAX REFUNDS AND CREDITS; REPORT
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(a) Subject to Section 2303.516, an enterprise project is entitled to:
(1) a refund of state taxes under Section 151.429, Tax Code; and
(2) a franchise tax credit under Subchapter Q-1, Chapter 171, Tax Code.
(b) At the time of receipt of any tax benefit available as a result of participating in the enterprise zone program, including a state sales and use tax refund or franchise tax credit, three percent of the amount of the tax benefit shall be transferred to the Texas economic development bank fund under Subchapter B, Chapter 489, to defray the cost of administering this chapter.
(c) Not later than the 60th day after the last day of each fiscal year, the comptroller shall report to the bank the statewide total of actual jobs created, actual jobs retained, and the tax refunds and credits made under this section during that fiscal year.