73R2108 CBH-D
By Corte, et al. H.J.R. No. 36
A JOINT RESOLUTION
1-1 proposing a constitutional amendment to limit the tax rate on the
1-2 income component of the franchise tax.
1-3 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Article VIII of the Texas Constitution is amended
1-5 by adding Section 24 to read as follows:
1-6 Sec. 24. If the legislature imposes a tax on the privilege
1-7 to operate in this state as a corporation or other legal entity and
1-8 a component of the tax is determined by the corporation's or other
1-9 entity's gross, net, or other adjusted income, the legislature may
1-10 not impose the tax on the component determined on income at a rate
1-11 that exceeds 4.5 percent.
1-12 SECTION 2. This proposed constitutional amendment shall be
1-13 submitted to the voters at an election to be held November 2, 1993.
1-14 The ballot shall be printed to provide for voting for or against
1-15 the proposition: "The constitutional amendment to limit the tax
1-16 rate on the income component of the franchise tax."