82R9779 KLA-D
By: Pitts H.B. No. 3642
A BILL TO BE ENTITLED
AN ACT
relating to the dates on which franchise tax payments are due from
certain taxable entities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.152(c), Tax Code, is amended to read
as follows:
(c) Except as provided by Section 171.153, payment
[Payment] of the tax covering the regular annual period is due May
15[,] of each year after the beginning of the regular annual
period. However, if the first anniversary of the taxable entity's
beginning date is after October 3 and before January 1, the payment
of the tax covering the first regular annual period is due on the
same date as the tax covering the initial period.
SECTION 2. Subchapter D, Chapter 171, Tax Code, is amended
by adding Section 171.153 to read as follows:
Sec. 171.153. DATES ON WHICH PAYMENTS FROM CERTAIN LARGE
TAXABLE ENTITIES ARE DUE. (a) For purposes of this section, a
"large taxable entity" means a taxable entity for which the amount
of the tax reported as due under this chapter for the preceding
regular annual period exceeds the median amount of tax reported as
due under this chapter of all taxable entities for the same annual
period. A taxable entity may not be considered a large taxable
entity before the regular annual period following the taxable
entity's first regular annual period. Not later than June 1 of each
year, the comptroller shall:
(1) compute the median tax liability under this
chapter of all taxable entities for the preceding regular annual
period; and
(2) post the information on the comptroller's Internet
website for a taxable entity's use in determining whether the
entity is a large taxable entity.
(b) A large taxable entity shall pay the tax covering the
regular annual period in five payments. The first four payments are
due July 15, October 15, January 15, and April 15, and each must be
in an amount equal to one-fourth of 90 percent of the large taxable
entity's total tax owed for the preceding regular annual period.
The large taxable entity shall make a final payment equal to the
total tax for the regular annual period, minus the sum of the
amounts of the first four payments. The final payment is due May
15. If the sum of the amounts of the first four payments exceeds the
total tax for the regular annual period, the large taxable entity
may deduct the amount of the overpayment from the next payment
required to be made under this chapter or request a refund of that
amount.
(c) A large taxable entity that is authorized to request an
extension under Section 171.202 may request an extension for making
a tax payment required under this section. A request for an
extension under this section must be made in accordance with
procedures adopted by the comptroller by rule that are comparable
to the procedures applicable to a request for an extension under
Section 171.202, including the requirements for remitting a portion
of the amount due with the request.
(d) The comptroller shall adopt rules as necessary
prescribing:
(1) the manner in which payments are made under this
section and any information that must accompany the payments; and
(2) procedures for the making and granting of a
request for an extension under this section that are comparable to
the procedures under Section 171.202 to the extent practicable.
(e) Notwithstanding the payment schedule required by this
section, a large taxable entity's annual report is due on the date
prescribed by Section 171.202, and a reference in this chapter to
the date the report is originally due means the date prescribed by
that section.
SECTION 3. (a) Notwithstanding Section 171.153(a), Tax
Code, as added by this Act, the comptroller of public accounts shall
make the initial computation of median tax liability and post the
information on the comptroller's Internet website as required by
that subsection not later than June 15 of the year in which this Act
takes effect.
(b) The initial payment from a large taxpayer under Section
171.153(b), Tax Code, as added by this Act, is due July 15 of the
year in which this Act takes effect.
SECTION 4. 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 June 1, 2012.