Assessment of The Texas Margin Code
Effective on January 1, 2010, H.B. 4611 amends Section 171.106 of the Texas Tax Code that states that the gross proceeds from the sale of a loan or security are considered gross receipts. The sale of a loan or security is considered a grosss receipt due to purposes of the Texas margin tax which states the selling and lending institution categorizes the loan or security as “Securities Available for Sale” or Trading Securities” under the Financial Accounting Standard No. 115.