Texas Tax Code

§ 172.109 — SALE OR ASSIGNMENT OF CREDIT

TX § 172.109Title 2. STATE TAXATION · Part F. FRANCHISE TAX; CREDITS · Ch. 172. TAX CREDIT FOR CERTIFIED REHABILITATION OF CERTIFIED HISTORIC STRUCTURES

Statute text

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(a)An entity that incurs eligible costs and expenses may sell or assign all or part of the credit that may be claimed for those costs and expenses to one or more entities, and any entity to which all or part of the credit is sold or assigned may sell or assign all or part of the credit to another entity. There is no limit on the total number of transactions for the sale or assignment of all or part of the total credit authorized under this chapter, however, collectively all transfers are subject to the maximum total limits provided by Section 172.106.

(b)An entity that sells or assigns a credit under this section and the entity to which the credit is sold or assigned shall jointly submit written notice of the sale or assignment to the comptroller on a form promulgated by the comptroller not later than the 30th day after the date of the sale or assignment. The notice must include:

(1)the date of the sale or assignment;

(2)the amount of the credit sold or assigned;

(3)the names and federal tax identification numbers of the entity that sold or assigned the credit or part of the credit and the entity to which the credit or part of the credit was sold or assigned; and

(4)the amount of the credit owned by the selling or assigning entity before the sale or assignment, and the amount the selling or assigning entity retained, if any, after the sale or assignment.

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Legislative history

Acts 2017, 85th Leg., R.S., Ch. 3 (S.B. 550), Sec. 1, eff. May 4, 2017. Transferred, redesignated and amended from Tax Code, Subchapter S, Chapter 171 by Acts 2023, 88th Leg., R.S., Ch. 83 (S.B. 1013), Sec. 2, eff. September 1, 2023.