| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Schwertner, et al. S.B. No. 8 | |
| 2 | - | (In the Senate - Filed February 24, 2015; February 24, 2015, | |
| 3 | - | read first time and referred to Committee on Finance; | |
| 4 | - | March 17, 2015, reported favorably by the following vote: Yeas 13, | |
| 5 | - | Nays 2; March 17, 2015, sent to printer.) | |
| 6 | - | Click here to see the committee vote | |
| 7 | 2 | ||
| 8 | 3 | ||
| 9 | 4 | A BILL TO BE ENTITLED | |
| 10 | 5 | AN ACT | |
| 11 | 6 | relating to the total revenue exemption for the franchise tax. | |
| 12 | 7 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 13 | 8 | SECTION 1. Section 171.002(d), Tax Code, is amended to read | |
| 14 | 9 | as follows: | |
| 15 | 10 | (d) A taxable entity is not required to pay any tax and is | |
| 16 | 11 | not considered to owe any tax for a period if: | |
| 17 | 12 | (1) the amount of tax computed for the taxable entity | |
| 18 | 13 | is less than $1,000; or | |
| 19 | 14 | (2) the amount of the taxable entity's total revenue | |
| 20 | 15 | from its entire business is less than or equal to $4 [$1] million or | |
| 21 | 16 | the amount determined under Section 171.006 per 12-month period on | |
| 22 | 17 | which margin is based. | |
| 23 | 18 | SECTION 2. This Act applies only to a report originally due | |
| 24 | 19 | on or after the effective date of this Act. | |
| 25 | 20 | SECTION 3. This Act takes effect January 1, 2016. | |
| 26 | - | * * * * * |