82R404 JE-D
By: Hilderbran H.B. No. 262
A BILL TO BE ENTITLED
AN ACT
relating to the retention of the $1 million total revenue exemption
for the franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1(c), Chapter 286 (H.B. 4765), Acts of
the 81st Legislature, Regular Session, 2009, is repealed.
SECTION 2. Section 2, Chapter 286 (H.B. 4765), Acts of the
81st Legislature, Regular Session, 2009, which amended former
Subsection (d), Section 171.002, Tax Code, is repealed.
SECTION 3. Section 3, Chapter 286 (H.B. 4765), Acts of the
81st Legislature, Regular Session, 2009, which amended former
Subsection (a), Section 171.0021, Tax Code, is repealed.
SECTION 4. Section 171.0021, Tax Code, is repealed.
SECTION 5. Section 171.1016(d), Tax Code, is repealed.
SECTION 6. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2011.