By Romo                                               H.B. No. 1201
       74R3967 DAK-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to allowing the payment of the franchise tax in quarterly
    1-3  installments.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Subchapter  D, Chapter 171, Tax Code, is amended
    1-6  by adding Section 171.1521 to read as follows:
    1-7        Sec. 171.1521.  QUARTERLY PAYMENTS.  (a)  A taxpayer may pay
    1-8  the tax covering the regular annual period in four installments.
    1-9  The first installment is due May 15 of each year after the
   1-10  beginning of the regular annual period and the remaining three
   1-11  installments are due on the following August 15, November 15, and
   1-12  February 15.
   1-13        (b)  A taxpayer for whom payment of the tax covering the
   1-14  first regular annual period is due on the same date as the tax
   1-15  covering the initial and secondary periods may pay:
   1-16              (1)  the first installment of the tax covering the
   1-17  first regular annual period on the same date that the tax covering
   1-18  the initial and secondary periods is due; and
   1-19              (2)  the remaining three installments on the following
   1-20  August 15, November 15, and February 15.
   1-21        (c)  The comptroller by rule may provide that a taxpayer may
   1-22  not pay the tax in installments as provided by this section if:
   1-23              (1)  the taxpayer has been delinquent in the payment of
   1-24  the tax; or
    2-1              (2)  payment of the tax in installments by the taxpayer
    2-2  adversely affects the ability of the comptroller to collect the
    2-3  tax.
    2-4        (d)  This section does not apply to the payment of the tax
    2-5  for a regular annual period for which the comptroller grants an
    2-6  extension of time for the filing of an annual report under Section
    2-7  171.202.
    2-8        SECTION 2.  This Act takes effect January  1, 1996, and
    2-9  applies only to the payment of the franchise tax under Chapter 171,
   2-10  Tax Code, covering a regular annual period that  begins on or after
   2-11  that date.
   2-12        SECTION 3.  The importance of this legislation and the
   2-13  crowded condition of the calendars in both houses create an
   2-14  emergency and an imperative public necessity that the
   2-15  constitutional rule requiring bills to be read on three several
   2-16  days in each house be suspended, and this rule is hereby suspended.