Bill Text: TX HB932 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to the franchise tax liability of certain taxable entities.
Sponsorship: Partisan Bill (Republican 2)
Status: (Introduced - Dead) 2011-04-26 - Left pending in committee [HB932 Detail]
Download: Texas-2011-HB932-Introduced.html
| By: Paxton | H.B. No. 932 | |
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| relating to the franchise tax liability of certain taxable | ||
| entities. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 171.002(d), Tax Code, as effective | ||
| January 1, 2012, 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; [ |
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| (2) the amount of the taxable entity's total revenue | ||
| from its entire business is less than or equal to $600,000 or the | ||
| amount determined under Section 171.006 per 12-month period on | ||
| which margin is based; or | ||
| (3) the taxable entity's taxable income from its | ||
| entire business during the period on which margin is based is zero | ||
| or less. | ||
| SECTION 2. Section 171.204, Tax Code, is amended by adding | ||
| Subsection (d) to read as follows: | ||
| (d) The comptroller may not require an entity that does not | ||
| owe any tax because of the application of Section 171.002(d) to file | ||
| a report or other information to verify that the entity does not owe | ||
| any tax under this chapter. | ||
| SECTION 3. This Act applies only to a report originally due | ||
| on or after the effective date of this Act. | ||
| SECTION 4. This Act takes effect January 1, 2012. | ||
