By: Guillen H.B. No. 3404
A BILL TO BE ENTITLED
AN ACT
relating to the repeal of the franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Effective January 1, 2022, Chapter 171, Tax
Code, is repealed.
SECTION 2. The change in law made by Section 1 of this Act
does not affect tax liability accruing before the effective date of
that section. That liability continues in effect as if this Act had
not been enacted, and the former law is continued in effect for the
collection of taxes due and for civil and criminal enforcement of
the liability for those taxes.
SECTION 3. Except as otherwise provided by this Act, this
Act takes effect September 1, 2021.