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House Bill 32 |
House Author: Bonnen, Dennis et al. |
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Effective: 1-1-16 |
Senate Sponsor: Nelson et al. |
House Bill 32 amends the Tax Code to enact the Franchise Tax Reduction Act of 2015. The bill decreases the franchise tax rates, including the E-Z Computation rate, and doubles the upper limit on a taxable entity's total revenue from its entire business at or below which the taxable entity may elect to pay the franchise tax at the E-Z Computation rate. The bill requires the comptroller of public accounts to report on a study of the effects of economic growth on future state revenues.