Bill Text: TX HB500 | 2013-2014 | 83rd Legislature | Comm Sub
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Bill Title: Relating to the computation of the franchise tax, including certain exclusions from the tax.
Spectrum: Strong Partisan Bill (Republican 71-4)
Status: (Passed) 2013-06-14 - See remarks for effective date [HB500 Detail]
Download: Texas-2013-HB500-Comm_Sub.html
Bill Title: Relating to the computation of the franchise tax, including certain exclusions from the tax.
Spectrum: Strong Partisan Bill (Republican 71-4)
Status: (Passed) 2013-06-14 - See remarks for effective date [HB500 Detail]
Download: Texas-2013-HB500-Comm_Sub.html
By: Hilderbran, et al. (Senate Sponsor - Hegar) | H.B. No. 500 | |
(In the Senate - Received from the House May 9, 2013; | ||
May 9, 2013, read first time and referred to Committee on Finance; | ||
May 20, 2013, reported adversely, with favorable Committee | ||
Substitute by the following vote: Yeas 13, Nays 0, 1 present not | ||
voting; May 20, 2013, sent to printer.) | ||
COMMITTEE SUBSTITUTE FOR H.B. No. 500 | By: Hegar |
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relating to the $1 million total revenue exemption for the | ||
franchise tax; temporarily decreasing the rates of the franchise | ||
tax. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter A, Chapter 171, Tax Code, is amended | ||
by adding Section 171.0022 to read as follows: | ||
Sec. 171.0022. TEMPORARY PERMISSIVE ALTERNATE RATES. (a) | ||
Notwithstanding Section 171.002(a) and subject to Section 171.1016 | ||
and Subsection (b) of this section, a taxable entity may elect to | ||
pay the tax imposed under this chapter at a rate of 0.95 percent of | ||
taxable margin. | ||
(b) Notwithstanding Section 171.002(b) and subject to | ||
Section 171.1016, a taxable entity primarily engaged in retail or | ||
wholesale trade as defined by Sections 171.002(c) and (c-1) may | ||
elect to pay the tax imposed under this chapter at a rate of 0.475 | ||
percent of taxable margin. | ||
(c) This section applies only to a report originally due on | ||
or after January 1, 2014, and before January 1, 2016. | ||
(d) This section expires December 31, 2015. | ||
SECTION 2. (a) 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Called Session, 2011, is repealed. | ||
(b) This section takes effect September 1, 2013. | ||
SECTION 3. (a) 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. | ||
(b) This section takes effect September 1, 2013. | ||
SECTION 4. (a) 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. | ||
(b) This section takes effect September 1, 2013. | ||
SECTION 5. 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)[ |
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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 6. Sections 171.0021 and 171.1016(d), Tax Code, are | ||
repealed. | ||
SECTION 7. This Act applies only to a report originally due | ||
on or after January 1, 2014. | ||
SECTION 8. Except as otherwise provided by this Act, this | ||
Act takes effect January 1, 2014. | ||
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