Bill Text: TX SB3 | 2023 | 88th Legislature 2nd Special Session | Enrolled
Bill Title: Relating to the amount of the total revenue exemption for the franchise tax and the exclusion of certain taxable entities from the requirement to file a franchise tax report.
Spectrum: Moderate Partisan Bill (Republican 83-15)
Status: (Passed) 2023-07-22 - Effective on 1/1/24 [SB3 Detail]
Download: Texas-2023-SB3-Enrolled.html
| S.B. No. 3 | ||
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| relating to the amount of the total revenue exemption for the | ||
| franchise tax and the exclusion of certain taxable entities from | ||
| the requirement to file a franchise tax report. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 171.002(d), Tax Code, 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; or | ||
| (2) the amount of the taxable entity's total revenue | ||
| from its entire business is less than or equal to $2.47 [ |
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| or the amount determined under Section 171.006 per 12-month period | ||
| on which margin is based. | ||
| SECTION 2. Section 171.204(b), Tax Code, is amended to read | ||
| as follows: | ||
| (b) The comptroller may not require a taxable entity that | ||
| does not owe any tax because of the application of Section | ||
| 171.002(d)(2) to file an [ |
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| comptroller [ |
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| SECTION 3. Section 171.204(d), Tax Code, is repealed. | ||
| SECTION 4. The changes in law made by this Act apply only to | ||
| a report originally due on or after January 1, 2024. | ||
| SECTION 5. This Act takes effect only if S.B. 2 or similar | ||
| legislation of the 88th Legislature, 2nd Called Session, 2023, | ||
| relating to providing property tax relief through the public school | ||
| finance system, exemptions, limitations on appraisals and taxes, | ||
| and property tax administration becomes law in a manner described | ||
| by Section 2001.006(a)(2), Government Code. If legislation | ||
| described by this section does not become law in a manner described | ||
| by Section 2001.006(a)(2), Government Code, this Act has no effect. | ||
| SECTION 6. Except as otherwise provided by this Act, this | ||
| Act takes effect January 1, 2024. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 3 passed the Senate on | ||
| July 12, 2023, by the following vote: Yeas 31, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 3 passed the House on | ||
| July 13, 2023, by the following vote: Yeas 131, Nays 5, one | ||
| present not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
