Bill Text: TX SB575 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the total revenue exemption for the franchise tax.
Spectrum: Moderate Partisan Bill (Republican 13-2)
Status: (Introduced - Dead) 2017-02-28 - Left pending in committee [SB575 Detail]
Download: Texas-2017-SB575-Introduced.html
| 85R1496 TJB-D | ||
| By: Schwertner | S.B. No. 575 | |
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| relating to the total revenue exemption for the franchise tax. | ||
| 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 $4 [ |
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| the amount determined under Section 171.006 per 12-month period on | ||
| which margin is based. | ||
| SECTION 2. This Act applies only to a report originally due | ||
| on or after the effective date of this Act. | ||
| SECTION 3. This Act takes effect January 1, 2018. | ||
