Texas 2009 - 81st Regular

Texas House Bill HB4766 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	81R22525 KLA-D
2	2	By: Oliveira H.B. No. 4766
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the computation of the franchise tax.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	ARTICLE 1. TEMPORARY EXEMPTION INCREASE AND DISCOUNT MODIFICATIONS
10	10	FOR SMALL BUSINESSES
11	11	SECTION 1.01. Section 171.002(d), Tax Code, is amended to
12	12	read as follows:
13	13	(d) A taxable entity is not required to pay any tax and is
14	14	not considered to owe any tax for a period if:
15	15	(1) the amount of tax computed for the taxable entity
16	16	is less than $1,000; or
17	17	(2) the amount of the taxable entity's total revenue
18	18	from its entire business is less than or equal to $750,000
19	19	[$300,000] or the amount determined under Section 171.006 per
20	20	12-month period on which margin is based.
21	21	SECTION 1.02. Section 171.0021(a), Tax Code, is amended to
22	22	read as follows:
23	23	(a) A taxable entity is entitled to a discount of the tax
24	24	imposed under this chapter that the taxable entity is required to
25	25	pay after determining its taxable margin under Section 171.101,
26	26	applying the appropriate rate of the tax under Section 171.002(a)
27	27	or (b), and subtracting any other allowable credits, as follows:
28	28	(1) for a taxable entity for which the total revenue
29	29	from its entire business is greater than $750,000 [$300,000] but
30	30	less than $900,000 [$400,000], the taxable entity is entitled to a
31	31	discount of 50 [80] percent; and
32	32	(2) for a taxable entity for which the total revenue
33	33	from its entire business is equal to or greater than $900,000
34	34	[$400,000] but not more than $1 million [less than $500,000], the
35	35	taxable entity is entitled to a discount of 33 [60] percent[;
36	36	[(3) for a taxable entity for which the total revenue
37	37	from its entire business is equal to or greater than $500,000 but
38	38	less than $700,000, the taxable entity is entitled to a discount of
39	39	40 percent; and
40	40	[(4) for a taxable entity for which the total revenue
41	41	from its entire business is equal to or greater than $700,000 but
42	42	less than $900,000, the taxable entity is entitled to a discount of
43	43	20 percent].
44	44	SECTION 1.03. The changes in law made by this article apply
45	45	only to a report originally due on or after the effective date of
46	46	this Act.
47	47	ARTICLE 2. SUNSET OF TEMPORARY INCREASE AND OTHER MODIFICATIONS
48	48	SECTION 2.01. Effective January 1, 2012, Section
49	49	171.002(d), Tax Code, is amended to read as follows:
50	50	(d) A taxable entity is not required to pay any tax and is
51	51	not considered to owe any tax for a period if:
52	52	(1) the amount of tax computed for the taxable entity
53	53	is less than $1,000; or
54	54	(2) the amount of the taxable entity's total revenue
55	55	from its entire business is less than or equal to $300,000 or the
56	56	amount determined under Section 171.006 per 12-month period on
57	57	which margin is based.
58	58	SECTION 2.02. Effective January 1, 2012, Section
59	59	171.0021(a), Tax Code, is amended to read as follows:
60	60	(a) A taxable entity is entitled to a discount of the tax
61	61	imposed under this chapter that the taxable entity is required to
62	62	pay after determining its taxable margin under Section 171.101,
63	63	applying the appropriate rate of the tax under Section 171.002(a)
64	64	or (b), and subtracting any other allowable credits, as follows:
65	65	(1) for a taxable entity for which the total revenue
66	66	from its entire business is greater than $300,000 but less than
67	67	$400,000, the taxable entity is entitled to a discount of 80
68	68	percent;
69	69	(2) for a taxable entity for which the total revenue
70	70	from its entire business is equal to or greater than $400,000 but
71	71	less than $500,000, the taxable entity is entitled to a discount of
72	72	60 percent;
73	73	(3) for a taxable entity for which the total revenue
74	74	from its entire business is equal to or greater than $500,000 but
75	75	less than $700,000, the taxable entity is entitled to a discount of
76	76	40 percent; and
77	77	(4) for a taxable entity for which the total revenue
78	78	from its entire business is equal to or greater than $700,000 but
79	79	less than $900,000, the taxable entity is entitled to a discount of
80	80	20 percent.
81	81	SECTION 2.03. The changes in law made by this article apply
82	82	only to a report originally due on or after January 1, 2012.
83	83	ARTICLE 3. EFFECTIVE DATE
84	84	SECTION 3.01. Except as otherwise provided by this Act,
85	85	this Act takes effect January 1, 2010.