| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R6178 KLA-D | |
| 2 | 2 | By: Harper-Brown H.B. No. 2945 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the total revenue exemption from the franchise tax. | |
| 8 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 9 | 9 | SECTION 1. Section 171.002, Tax Code, is amended by adding | |
| 10 | 10 | Subsection (e) to read as follows: | |
| 11 | 11 | (e) Notwithstanding Subsection (d)(2), a taxable entity is | |
| 12 | 12 | not required to pay any tax and is not considered to owe any tax for | |
| 13 | 13 | a period if the amount of the taxable entity's total revenue from | |
| 14 | 14 | its entire business is less than $1 million for the 12-month period | |
| 15 | 15 | on which margin is based. This subsection expires January 1, 2011. | |
| 16 | 16 | SECTION 2. Section 171.0021, Tax Code, is amended by adding | |
| 17 | 17 | Subsection (c) to read as follows: | |
| 18 | 18 | (c) If both the discounts provided by this section and the | |
| 19 | 19 | exemption from the tax imposed under this chapter provided by | |
| 20 | 20 | Section 171.002(e) apply to a taxable entity for a period, the | |
| 21 | 21 | exemption provided by Section 171.002(e) prevails. This subsection | |
| 22 | 22 | expires January 1, 2011. | |
| 23 | 23 | SECTION 3. This Act applies only to a report originally due | |
| 24 | 24 | on or after January 1, 2010, and before January 1, 2011. | |
| 25 | 25 | SECTION 4. This Act takes effect January 1, 2010. |