Amend HB 551 by striking all below the enacting clause and
substituting the following:
      SECTION 1.  Subsection (d), Section 171.002, Tax Code, is
amended to read as follows:
      (d)  A <If the amount of tax computed for a corporation is
less than $100, the> corporation is not required to pay any tax
<that amount> and is not considered to owe any tax for a <that>
period if:
            (1)  the amount of tax computed for the corporation is
less than $100; or
            (2)  the amount of the corporation's gross receipts:
                  (A)  from its entire business under Section
171.105 is less than $250,000; and
                  (B)  from its entire business under Section
171.1051, including the amount excepted under Section 171.1051(a),
is less than $250,000.
      SECTION 2.  Section 171.204, Tax Code, is amended to read as
follows:
      Sec. 171.204.  ]SINFORMATION REPORT  .  (a)  Except as provided
by Subsection (b), to <To> determine eligibility for the exemption
provided by Section 171.2022, or to determine the amount of the
franchise tax or the correctness of a franchise tax report, the
comptroller may require an officer of a corporation that may be
subject to the tax imposed under this chapter to file an
information report with the comptroller stating the amount of the
corporation's taxable capital and earned surplus, or any other
information the comptroller may request.
      (b)  The comptroller may not require an officer of a
corporation that does not owe any tax because of the application of
Section 171.002(d)(2) to file an information report.
      SECTION 3.  (a)  Before the beginning of the 79th
Legislature, Regular Session, the comptroller of public accounts
shall report to the legislature and the governor on the effect that
exempting small corporations from the franchise tax under Section
171.002, Tax Code, as amended by this Act, and from the reporting
requirements has had on the economy of this state, including on the
creation of new jobs in this state.
      (b)  The report must include:
            (1)  an assessment of the intended purposes of the
exemptions and whether the exemptions are achieving those
objectives;
            (2)  an assessment of whether the exemptions have
created any problems in the administration of the franchise tax;
and
            (3)  a recommendation for retaining, eliminating, or
amending the exemptions.
      (c)  The comptroller of public accounts may include the
report in any other report made to the legislature.
      SECTION 4.  (a)  This Act takes effect January 1, 2000, and
applies to a report that, if the corporation required to make the
report was not exempt from that requirement, would be originally
due on or after that date.
      (b)  The change in law made by this Act does not affect taxes
imposed before the effective date of this Act, and the law in
effect before that date is continued in effect for purposes of the
liability for and collection of those taxes.
      SECTION 5.  The importance of this legislation and the
crowded condition of the calendars in both houses create an
emergency and an imperative public necessity that the
constitutional rule requiring bills to be read on three several
days in each house be suspended, and this rule is hereby
suspended.