| 81R19532 JE-D | ||
| By: Oliveira, Paxton, Hopson, Callegari, | H.B. No. 4765 | |
| Creighton | ||
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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. TEMPORARY EXEMPTION INCREASE. 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 $1 million | ||
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| 12-month period on which margin is based. | ||
| SECTION 2. SUNSET OF TEMPORARY INCREASE. Effective January | ||
| 1, 2012, 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 $300,000 or the | ||
| amount determined under Section 171.006 per 12-month period on | ||
| which margin is based. | ||
| SECTION 3. TRANSITION. (a) Section 171.002(d), Tax Code, | ||
| as amended by Section 1 of this Act, applies only to a report | ||
| originally due on or after the effective date of this Act. | ||
| (b) Section 171.002(d), Tax Code, as amended by Section 2 of | ||
| this Act, applies only to a report originally due on or after | ||
| January 1, 2012. | ||
| SECTION 4. EFFECTIVE DATE. This Act takes effect January 1, | ||
| 2010. | ||