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78R444 DAK-F

By:  Corte                                                      H.J.R. No. 11 



A JOINT RESOLUTION

proposing a constitutional amendment to limit the tax rate on the 
income component of the franchise tax.
	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:                       
	SECTION 1.   Article VIII of the Texas Constitution is 
amended by adding Section 25 to read as follows:
	Sec. 25. If the legislature imposes a tax on the privilege to 
operate in this state as a corporation or other legal entity and a 
component of the tax is determined by the corporation's or other 
entity's gross, net, or other adjusted income, the legislature may 
not impose the tax on the component determined on income at a rate 
that exceeds 4.5 percent.
	SECTION 2.   This proposed constitutional amendment shall be 
submitted to the voters at an election to be held November 4, 2003.  
The ballot shall be printed to permit voting for or against the 
proposition:  "The constitutional amendment to limit the tax rate 
on the income component of the franchise tax."