Bill Text: TX SB8 | 2015-2016 | 84th Legislature | Engrossed


Bill Title: Relating to the total revenue exemption for the franchise tax.

Spectrum: Moderate Partisan Bill (Republican 20-4)

Status: (Engrossed - Dead) 2015-05-05 - Referred to Ways & Means [SB8 Detail]

Download: Texas-2015-SB8-Engrossed.html
 
 
  By: Schwertner, et al. S.B. No. 8
 
 
A BILL TO BE ENTITLED
 
AN ACT
  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 [$1] million or
  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, 2016.
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