| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R2650 BEF-D | |
| 2 | 2 | By: Bohac H.B. No. 1315 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to temporary permissive alternate rates for the franchise | |
| 8 | 8 | tax. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter A, Chapter 171, Tax Code, is amended | |
| 11 | 11 | by adding Section 171.0024 to read as follows: | |
| 12 | 12 | Sec. 171.0024. TEMPORARY PERMISSIVE ALTERNATE RATES FOR | |
| 13 | 13 | 2016 AND 2017. (a) Notwithstanding Section 171.002(a) and subject | |
| 14 | 14 | to Section 171.1016 and Subsection (b) of this section, a taxable | |
| 15 | 15 | entity may elect to pay the tax imposed under this chapter at a rate | |
| 16 | 16 | of 0.95 percent of taxable margin. | |
| 17 | 17 | (b) Notwithstanding Section 171.002(b) and subject to | |
| 18 | 18 | Section 171.1016, a taxable entity primarily engaged in retail or | |
| 19 | 19 | wholesale trade as defined by Sections 171.002(c) and (c-1) may | |
| 20 | 20 | elect to pay the tax imposed under this chapter at a rate of 0.475 | |
| 21 | 21 | percent of taxable margin. | |
| 22 | 22 | (c) This section applies only to a report originally due on | |
| 23 | 23 | or after January 1, 2016, and before January 1, 2018. | |
| 24 | 24 | (d) This section expires December 31, 2017. | |
| 25 | 25 | SECTION 2. This Act takes effect September 1, 2015. |