By Davis of Harris H.B. No. 1603 77R6017 DAK-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to renaming the franchise tax the corporate income tax. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Subchapter A, Chapter 171, Tax Code, is amended 1-5 by adding Section 171.0001 to read as follows: 1-6 Sec. 171.0001. CORPORATE INCOME TAX. (a) The tax imposed 1-7 by this chapter is a corporate income tax. 1-8 (b) Every reference in this chapter and other law to 1-9 "franchise tax" means "corporate income tax." 1-10 SECTION 2. This Act takes effect immediately if it receives 1-11 a vote of two-thirds of all the members elected to each house, as 1-12 provided by Section 39, Article III, Texas Constitution. If this 1-13 Act does not receive the vote necessary for immediate effect, this 1-14 Act takes effect September 1, 2001.