Texas 2015 - 84th Regular

Texas House Bill HB3399 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	84R12344 GRM-D
2	2	By: Stephenson H.B. No. 3399
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to franchise tax payments and reports.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Section 171.152(c), Tax Code, is amended to read
10	10	as follows:
11	11	(c) Payment of the tax covering the regular annual period is
12	12	due May 15 [,] of each year after the beginning of the regular
13	13	annual period unless the taxable entity receives an extension under
14	14	Section 171.202(c), in which case payment of the tax is due November
15	15	15 of that year. However, if the first anniversary of the taxable
16	16	entity's beginning date is after October 3 and before January 1, the
17	17	payment of the tax covering the first regular annual period is due
18	18	on the same date as the tax covering the initial period.
19	19	SECTION 2. Section 171.202(c), Tax Code, is amended to read
20	20	as follows:
21	21	(c) The comptroller shall grant an extension of time to a
22	22	taxable entity [that is not required by rule to make its tax
23	23	payments by electronic funds transfer] for the filing of a report
24	24	required by this section to any date on or before the next November
25	25	15, if a taxable entity:
26	26	(1) requests the extension, on or before May 15, on a
27	27	form provided by the comptroller; and
28	28	(2) remits with the request interest on the amount of
29	29	tax reported as due on or before November 15 at the interest rate
30	30	prescribed by Section 111.060[:
31	31	[(A) not less than 90 percent of the amount of tax
32	32	reported as due on the report filed on or before November 15; or
33	33	[(B) 100 percent of the tax reported as due for
34	34	the previous calendar year on the report due in the previous
35	35	calendar year and filed on or before May 14].
36	36	SECTION 3. Section 171.362, Tax Code, is amended by
37	37	amending Subsection (d) and adding Subsection (g) to read as
38	38	follows:
39	39	(d) If a taxable entity required [electing] to remit
40	40	interest under Section 171.202(c)(2) [171.202(c)(2)(A)] remits
41	41	less than the amount required, the penalties imposed by this
42	42	chapter [section] and the interest imposed under Section 111.060
43	43	are assessed against the difference between the amount required to
44	44	be remitted under Section 171.202(c)(2) [171.202(c)(2)(A)] and the
45	45	amount actually remitted on or before May 15.
46	46	(g) For purposes of this section, a payment made by
47	47	electronic funds transfer is considered to be made on the date the
48	48	electronic funds transfer is initiated by the taxpayer if:
49	49	(1) the electronic funds transfer is initiated not
50	50	later than the last day the payment may be timely made; and
51	51	(2) the comptroller receives the money not later than
52	52	the second business day after the last day the payment may be timely
53	53	made.
54	54	SECTION 4. Sections 171.202(d), (e), (f), (h), and (i), Tax
55	55	Code, are repealed.
56	56	SECTION 5. This Act applies only to a report originally due
57	57	on or after the effective date of this Act.
58	58	SECTION 6. Section 171.362(g), Tax Code, as added by this
59	59	Act, applies only to a payment initiated on or after the effective
60	60	date of this Act. A payment initiated before the effective date of
61	61	this Act is governed by the law in effect on the date the payment was
62	62	initiated, and the former law is continued in effect for that
63	63	purpose.
64	64	SECTION 7. This Act takes effect January 1, 2016.