Enrolled Bill Summary

House Bill 4765	House Author:  Oliveira et al.
Effective:  See below	Senate Sponsor:  Patrick, Dan et al.

            House Bill 4765 amends the Tax Code to increase from $300,000 to $1 million the total revenue threshold for a taxable entity, adjusted for inflation or deflation, at or below which the entity is neither required to pay nor considered to owe any franchise tax for a particular period. That change expires December 31, 2011, and on January 1, 2012, the total revenue threshold becomes $600,000 and related provisions of the bill make a conforming change to the law on franchise tax discounts. The bill takes effect January 1, 2010, except for those two provisions resetting the threshold at $600,000 and revising the discounts, which each take effect January 1, 2012.