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