By: Paxton H.B. No. 932
A BILL TO BE ENTITLED
AN ACT
relating to the franchise tax liability of certain taxable
entities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.002(d), Tax Code, as effective
January 1, 2012, is amended to read as follows:
(d) A taxable entity is not required to pay any tax and is
not considered to owe any tax for a period if:
(1) the amount of tax computed for the taxable entity
is less than $1,000; [or]
(2) the amount of the taxable entity's total revenue
from its entire business is less than or equal to $600,000 or the
amount determined under Section 171.006 per 12-month period on
which margin is based; or
(3) the taxable entity's taxable income from its
entire business during the period on which margin is based is zero
or less.
SECTION 2. Section 171.204, Tax Code, is amended by adding
Subsection (d) to read as follows:
(d) The comptroller may not require an entity that does not
owe any tax because of the application of Section 171.002(d) to file
a report or other information to verify that the entity does not owe
any tax under this chapter.
SECTION 3. This Act applies only to a report originally due
on or after the effective date of this Act.
SECTION 4. This Act takes effect January 1, 2012.