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.