Bill Text: TX SB131 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the use of certain surplus state revenue to provide for a rebate of state franchise taxes.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-01-25 - Referred to Finance [SB131 Detail]
Download: Texas-2017-SB131-Introduced.html
| 85R679 CJC-D | ||
| By: Creighton | S.B. No. 131 | |
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| relating to the use of certain surplus state revenue to provide for | ||
| a rebate of state franchise taxes. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Chapter 171, Tax Code, is amended by adding | ||
| Subchapter K to read as follows: | ||
| SUBCHAPTER K. SURPLUS REVENUE: REBATE OF FRANCHISE TAXES | ||
| Sec. 171.551. ISSUANCE OF INDIVIDUAL REBATES. (a) Not | ||
| later than the 180th day of each state fiscal biennium, the | ||
| comptroller shall issue to each payer of the franchise tax during | ||
| the previous state fiscal biennium a rebate as provided by this | ||
| section if the comptroller has determined under Subsection (a), | ||
| Section 49-g-1, Article III, Texas Constitution, that there remains | ||
| an unencumbered positive balance of general revenues from the | ||
| preceding state fiscal biennium. | ||
| (b) The comptroller shall compute for each payer of the | ||
| franchise tax during the preceding state fiscal biennium the | ||
| fractional share of the franchise taxes to be rebated by dividing | ||
| that franchise tax payer's total franchise taxes paid during the | ||
| preceding state fiscal biennium by the total of all franchise taxes | ||
| paid under this chapter during that preceding state fiscal | ||
| biennium. | ||
| (c) The comptroller shall issue to each payer of the | ||
| franchise tax during the preceding state fiscal biennium a rebate | ||
| of franchise taxes paid in an amount equal to the fraction | ||
| determined for that payer under Subsection (b) multiplied by the | ||
| total amount of rebates to be issued under Subsection (b)(1), | ||
| Section 49-g-1, Article III, Texas Constitution. | ||
| (d) The comptroller may issue a payer's rebate by warrant or | ||
| by electronic funds transfer, as provided by rules of the | ||
| comptroller. | ||
| SECTION 2. Subchapter K, Chapter 171, Tax Code, as added by | ||
| this Act, applies beginning with the state fiscal biennium | ||
| beginning September 1, 2019. | ||
| SECTION 3. This Act takes effect on the date on which the | ||
| constitutional amendment proposed by the 85th Legislature, Regular | ||
| Session, 2017, concerning the use of unencumbered surplus state | ||
| revenues to provide for a rebate of state franchise taxes takes | ||
| effect. If that amendment is not approved by the voters, this Act | ||
| has no effect. | ||
