By Goolsby H.B. No. 551
76R3139 CBH-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to exempting certain small corporations from the franchise
1-3 tax.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 171.002(d), Tax Code, is amended to read
1-6 as follows:
1-7 (d) A [If the amount of tax computed for a corporation is
1-8 less than $100, the] corporation is not required to pay any tax
1-9 [that amount] and is not considered to owe any tax for a [that]
1-10 period if:
1-11 (1) the amount of tax computed for the corporation is
1-12 less than $100; or
1-13 (2) the amount of the corporation's gross receipts:
1-14 (A) from its entire business under Section
1-15 171.105 is less than $100,000; and
1-16 (B) from its entire business under Section
1-17 171.1051, including the amount excepted under Section 171.1051(a),
1-18 is less than $100,000.
1-19 SECTION 2. (a) This Act takes effect January 1, 2000, and
1-20 applies to a report originally due on or after that date.
1-21 (b) The change in law made by this Act does not affect taxes
1-22 imposed before the effective date of this Act, and the law in
1-23 effect before that date is continued in effect for purposes of the
1-24 liability for and collection of those taxes.
2-1 SECTION 3. The importance of this legislation and the
2-2 crowded condition of the calendars in both houses create an
2-3 emergency and an imperative public necessity that the
2-4 constitutional rule requiring bills to be read on three several
2-5 days in each house be suspended, and this rule is hereby suspended.