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.