Bullock v. Dallas Power & Light Co.

DIES, Chief Justice.

This is a suit by the Comptroller of Public Accounts, Treasurer, and Attorney General, of the State of Texas, for additional franchise taxes from various public utility corporations. Trial was to the court without a jury, who ruled for the utility corporations, and from which the Comptroller, et al, ap*487peal. The Comptroller of Public Accounts will be referred to in this opinion as the appellant, and the various utility corporations as the appellees.

In 1962 to stimulate the economy, the Internal Revenue Code allowed an investment credit for corporate plant and equipment…