Texas Tax Code - Section 151.348. Cooperative Research And Development Ventures
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Texas Laws > Tax Code > Texas Tax Code - Section 151.348. Cooperative Research And Development Ventures
§ 151.348. COOPERATIVE RESEARCH AND DEVELOPMENT
VENTURES. (a) There are exempted from the taxes imposed by this
chapter items sold in connection with a joint research and
development venture as defined by 15 U.S.C. Section 4301 that are
sold by the joint research and development venture to a
participating entity, if the items are created, developed, or
substantially modified by or for the joint research and development
venture, including items developed as a result of research and/or
development agreements entered into by the joint research and
development venture with third parties.
(b) There are exempted from the taxes imposed by this
chapter items purchased by, and to carry out the purpose of, a joint
research and development venture, as defined by 15 U.S.C. Section
4301, notice of whose establishment and participants was first
published in the Federal Register on January 17, 1985, or May 19,
1988, if the items have a useful life in excess of six months when
placed in service by the joint research and development venture.
Added by Acts 1987, 70th Leg., 2nd C.S., ch. 5, art. 1, pt. 4, §
31. Amended by Acts 1989, 71st Leg., ch. 334, § 1, eff. Aug. 28,
1989.
Section: 151.339 151.340 151.341 151.342 151.343 151.346 151.347 151.348 151.349 151.350 151.3501 151.351 151.353 151.354 151.355
Last modified: August 11, 2007
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