Bill Text: TX HB77 | 2013 | 83rd Legislature 1st Special Session | Introduced


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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-06-14 - Filed [HB77 Detail]

Download: Texas-2013-HB77-Introduced.html
  83S10379 ADM-D
 
  By: Harper-Brown H.B. No. 77
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the $1 million total revenue exemption for the
  franchise tax; decreasing the rates of the franchise tax.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Sections 171.002(a) and (b), Tax Code, are
  amended to read as follows:
         (a)  Subject to Sections 171.003 and 171.1016 and except as
  provided by Subsection (b), the rate of the franchise tax is 0.75
  [one] percent of taxable margin.
         (b)  Subject to Sections 171.003 and 171.1016, the rate of
  the franchise tax is 0.25 [0.5] percent of taxable margin for those
  taxable entities primarily engaged in retail or wholesale trade.
         SECTION 2.  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  Session, 2011, is repealed.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 3.  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  171.002, Tax Code, is repealed.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 4.  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  171.0021, Tax Code, is repealed.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 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)[,
  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 6.  Sections 171.0021 and 171.1016(d), Tax Code, are
  repealed.
         SECTION 7.  If H.B. No. 500, Acts of the 83rd Legislature,
  Regular Session, 2013, becomes law:
               (1)  Sections 2, 3, 4, 5, and 6 of this Act have no
  effect; and
               (2)  Sections 171.0022 and 171.0023, Tax Code, as added
  by that Act, have no effect.
         SECTION 8.  This Act applies only to a report originally due
  on or after January 1, 2014.
         SECTION 9.  This Act takes effect January 1, 2014.
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