Bill Text: TX HB3 | 2023 | 88th Legislature 2nd Special Session | Comm Sub
Bill Title: Relating to the amount of the total revenue exemption for the franchise tax and the exclusion of certain taxable entities from the requirement to file a franchise tax report.
Spectrum: Strong Partisan Bill (Republican 64-4)
Status: (Introduced) 2023-07-13 - Laid on the table subject to call [HB3 Detail]
Download: Texas-2023-HB3-Comm_Sub.html
| 88S20218 BEF-D | ||
| By: Geren, Meyer, Darby, Hefner, Raymond, | H.B. No. 3 | |
| et al. | ||
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| relating to the amount of the total revenue exemption for the | ||
| franchise tax and the exclusion of certain taxable entities from | ||
| the requirement to file a franchise tax report. | ||
| 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 $2.47 [ |
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| or the amount determined under Section 171.006 per 12-month period | ||
| on which margin is based. | ||
| SECTION 2. Section 171.204(b), Tax Code, is amended to read | ||
| as follows: | ||
| (b) The comptroller may not require a taxable entity that | ||
| does not owe any tax because of the application of Section | ||
| 171.002(d)(2) to file an [ |
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| comptroller [ |
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| SECTION 3. Section 171.204(d), Tax Code, is repealed. | ||
| SECTION 4. The changes in law made by this Act apply only to | ||
| a report originally due on or after January 1, 2024. | ||
| SECTION 5. This Act takes effect only if S.B. 2 or similar | ||
| legislation of the 88th Legislature, 2nd Called Session, 2023, | ||
| relating to providing property tax relief through the public school | ||
| finance system, exemptions, limitations on appraisals and taxes, | ||
| and property tax administration becomes law in a manner described | ||
| by Section 2001.006(a)(2), Government Code. If legislation | ||
| described by this section does not become law in a manner described | ||
| by Section 2001.006(a)(2), Government Code, this Act has no effect. | ||
| SECTION 6. Except as otherwise provided by this Act, this | ||
| Act takes effect January 1, 2024. | ||
