83R1305 TJB-D
By: Patrick S.B. No. 100
A BILL TO BE ENTITLED
AN ACT
relating to the total revenue exemption for the franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.002(d), Tax Code, as amended by
Section 1(a), Chapter 286 (H.B. 4765), Acts of the 81st
Legislature, Regular Session, 2009, 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 $5 [$1] million or
the amount determined under Section 171.006 per 12-month period on
which margin is based.
SECTION 2. Section 171.006(b), Tax Code, is amended to read
as follows:
(b) Beginning in 2010, on January 1 of each even-numbered
year, the amounts prescribed by Sections 171.002(d)(2)[,
171.0021,] and 171.1013(c) are increased or decreased by an amount
equal to the amount prescribed by those sections on December 31 of
the preceding year multiplied by the percentage increase or
decrease during the preceding state fiscal biennium in the consumer
price index and rounded to the nearest $10,000.
SECTION 3. Section 1(c), Chapter 286 (H.B. 4765), Acts of
the 81st Legislature, Regular Session, 2009, as amended by Section
37.01, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called
Session, 2011, is repealed.
SECTION 4. Section 2, Chapter 286 (H.B. 4765), Acts of the
81st Legislature, Regular Session, 2009, as amended by Section
37.02, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called
Session, 2011, and which amended former Subsection (d), Section
171.002, Tax Code, is repealed.
SECTION 5. Section 3, Chapter 286 (H.B. 4765), Acts of the
81st Legislature, Regular Session, 2009, as amended by Section
37.03, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called
Session, 2011, and which amended former Subsection (a), Section
171.0021, Tax Code, is repealed.
SECTION 6. Sections 171.0021 and 171.1016(d), Tax Code, are
repealed.
SECTION 7. This Act applies only to a report originally due
on or after the effective date of this Act.
SECTION 8. This Act takes effect January 1, 2014.