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Texas Statutes (Last Updated: January 4, 2014) |
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TAX CODE |
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Title 2. STATE TAXATION |
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Subtitle E. SALES, EXCISE, AND USE TAXES |
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Chapter 151. LIMITED SALES, EXCISE, AND USE TAX |
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Subchapter M. DISPOSITION OF PROCEEDS |
Sec. 151.802. ALLOCATION OF CERTAIN REVENUE TO PROPERTY TAX RELIEF FUND
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(a) This section applies only:
(1) during the state fiscal years beginning September 1 of 2012, 2013, 2014, 2015, and 2016; and
(2) with respect to unused franchise tax credits described by Sections 18(e) and (f), Chapter 1 (H.B. 3), Acts of the 79th Legislature, 3rd Called Session, 2006.
(b) Notwithstanding Section 151.801, the comptroller shall deposit to the credit of the property tax relief fund under Section 403.109, Government Code, an amount of the proceeds from the collection of the taxes imposed by this chapter equal to the amount of revenue the state does not receive from the tax imposed under Chapter 171 because taxable entities, as defined by that chapter, that are corporations are entitled to claim unused franchise tax credits after December 31, 2012, and during that state fiscal year.
(c) This section expires September 1, 2017.