83rd Texas Legislature, Regular Session, House Bill 800, Chapter 1266 Page: 10 of 13
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H.B. No. 800
1 this subchapter for a report, including the amount of any
2 carryforward credit under Section 171.659, may not exceed 50
3 percent of the amount of franchise tax due for the report before any
4 other applicable tax credits.
5 Sec. 171.659. CARRYFORWARD. If a taxable entity is
6 eligible for a credit that exceeds the limitation under Section
7 171.658, the taxable entity may carry the unused credit forward for
8 not more than 20 consecutive reports. Credits, including credit
9 carryforwards, are considered to be used in the following order:
10 (1) a credit carryforward of unused credits accrued
11 under Subchapter O before its repeal on January 1, 2008, and claimed
12 as authorized by Section 18(d), Chapter 1 (H.B. 3), Acts of the 79th
13 Legislature, 3rd Called Session, 2006;
14 (2) a credit carryforward under this subchapter; and
15 (3) a current year credit.
16 Sec. 171.660. ASSIGNMENT PROHIBITED. A taxable entity may
17 not convey, assign, or transfer the credit allowed under this
18 subchapter to another entity unless all of the assets of the taxable
19 entity are conveyed, assigned, or transferred in the same
20 transaction.
21 Sec. 171.661. APPLICATION FOR CREDIT. A taxable entity
22 must apply for a credit under this subchapter on or with the tax
23 report for the period for which the credit is claimed.
24 Sec. 171.662. RULES. The comptroller shall adopt rules and
25 forms necessary to implement this subchapter.
26 Sec. 171.663. REPORTING OF ESTIMATES AND COLLECTION OF
27 INFORMATION. (a) Before the beginning of each regular session of10
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Texas. Legislature. House of Representatives. 83rd Texas Legislature, Regular Session, House Bill 800, Chapter 1266, legislative document, June 14, 2013; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth438624/m1/10/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.