| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R2597 BEF-D | |
| 2 | 2 | By: Bohac H.B. No. 1316 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to decreasing the rates of the franchise tax. | |
| 8 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 9 | 9 | SECTION 1. Sections 171.002(a) and (b), Tax Code, are | |
| 10 | 10 | amended to read as follows: | |
| 11 | 11 | (a) Subject to Sections 171.003 and 171.1016 and except as | |
| 12 | 12 | provided by Subsection (b), the rate of the franchise tax is 0.95 | |
| 13 | 13 | [one] percent of taxable margin. | |
| 14 | 14 | (b) Subject to Sections 171.003 and 171.1016, the rate of | |
| 15 | 15 | the franchise tax is 0.475 [0.5] percent of taxable margin for those | |
| 16 | 16 | taxable entities primarily engaged in retail or wholesale trade. | |
| 17 | 17 | SECTION 2. This Act applies only to a report originally due | |
| 18 | 18 | on or after the effective date of this Act. | |
| 19 | 19 | SECTION 3. This Act takes effect January 1, 2016. |