Bill Text: TX SB8 | 2015-2016 | 84th Legislature | Engrossed
Bill Title: Relating to the total revenue exemption for the franchise tax.
Sponsorship: 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 | |
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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, 2016. | ||
