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