HomeMy WebLinkAbout020612 RES - 03/07/1989A RESOLUTION
IN SUPPORT OF HOUSE BILL 1306 PERTAINING TO THE
APPLICATION AND CALCULATION OF THE FRANCHISE TAX.
WHEREAS, recent court rulings have determined the current tax code does not
permit the Comptroller to include as a part of a parent company's tax base the
undistributed retained earnings of a subsidiary company earned prior to its
acquisition; and
WHEREAS, the negative impact on the state's revenues would be in the
hundreds of millions dollars if the court's interpretation of the tax code is used to
calculate tax liability.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
Section 1. That the City of Corpus Christi respectfully, strongly, and
urgently requests the 71st Texas Legislature enact House Bill 1306.
ATTEST:
City Secretary MARCOR
APPROVED: '2ykyiDAY OF AfAAGA 197 5
HAL GEORGE, CITY ATTORNEY
BY jg,"��
nssj.et-eiat City Attorney
THE CITY OF CORPUS CHRISTI, TEXAS
20612 MCOMED
99.066.01
Corpus Christi, Texas
7 day of Iraitel1 1982
The above resolution was passed by the following vote:
Betty N. Turner
David Berlanga, Sr. C.
Leo Guerrero
Clif Moss
Bill Pruet
Mary Rhodes
Frank Schwing, Jr.
Mary Pat Slavik (b/1_,
Linda Strong 04aittlit,
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