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Senate Bill 1049 |
Senate Author: Campbell et al. |
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Effective: See below |
House Sponsor: Sheets et al. |
Senate Bill 1049 amends the Tax Code and Business Organizations Code to provide a five-year franchise tax exemption and filing fee waiver to a taxable entity that qualifies as a new veteran-owned business if it remains qualified for the five-year period. A taxable entity qualifies as a new veteran-owned business only if the taxable entity is a new business in which each owner is a natural person who served in and was honorably discharged from a branch of the United States armed forces and provides verification to the comptroller of public accounts of the person's service and discharge. Effective January 1, 2020, the bill repeals the exemption and waiver and restores the law amended by the bill to its form prior to enactment. Aside from that exception, the bill takes effect January 1, 2016.