Bill Text: TX HB427 | 2013-2014 | 83rd Legislature | Introduced

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Bill Title: Relating to the $1 million total revenue exemption for the franchise tax.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2013-04-02 - Left pending in committee [HB427 Detail]

Download: Texas-2013-HB427-Introduced.html

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83R744 CJC-D
By: Creighton H.B. No. 427

A BILL TO BE ENTITLED
AN ACT
relating to the $1 million total revenue exemption for the
franchise tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1(c), Chapter 286 (H.B. 4765), Acts of
the 81st Legislature, Regular Session, 2009, as amended by Section
37.01, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called
Session, 2011, is repealed.
SECTION 2. Section 2, Chapter 286 (H.B. 4765), Acts of the
81st Legislature, Regular Session, 2009, as amended by Section
37.02, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called
Session, 2011, and which amended former Subsection (d), Section
171.002, Tax Code, is repealed.
SECTION 3. Section 3, Chapter 286 (H.B. 4765), Acts of the
81st Legislature, Regular Session, 2009, as amended by Section
37.03, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called
Session, 2011, and which amended former Subsection (a), Section
171.0021, Tax Code, is repealed.
SECTION 4. Section 171.006(b), Tax Code, is amended to read
as follows:
(b) Beginning in 2010, on January 1 of each even-numbered
year, the amounts prescribed by Sections 171.002(d)(2)[,
171.0021,] and 171.1013(c) are increased or decreased by an amount
equal to the amount prescribed by those sections on December 31 of
the preceding year multiplied by the percentage increase or
decrease during the preceding state fiscal biennium in the consumer
price index and rounded to the nearest $10,000.
SECTION 5. Sections 171.0021 and 171.1016(d), Tax Code, are
repealed.
SECTION 6. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2013.