By Gutierrez, Corte                                    H.B. No. 518
       74R1611 CBH-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the rate of the franchise tax imposed on net taxable
    1-3  capital.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Section 171.002(a), Tax Code, is amended to read
    1-6  as follows:
    1-7        (a)  The rates of the franchise tax are:
    1-8              (1)  0.225 <0.25> percent per year of privilege period
    1-9  of net taxable capital; and
   1-10              (2)  4.5 percent of net taxable earned surplus.
   1-11        SECTION 2.  This Act takes effect January 1, 1996, and
   1-12  applies to a report originally due on or after that date.
   1-13        SECTION 3.  The importance of this legislation and the
   1-14  crowded condition of the calendars in both houses create an
   1-15  emergency and an imperative public necessity that the
   1-16  constitutional rule requiring bills to be read on three several
   1-17  days in each house be suspended, and this rule is hereby suspended.