79R3742 KLA-F

By:  Miller                                                       H.B. No. 1005



A BILL TO BE ENTITLED

AN ACT

relating to the repeal of the franchise tax.                                  
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Chapter 171, Tax Code, is repealed.                                
	SECTION 2.  (a)  Chapter 171, Tax Code, and Subtitle B, Title 
2, Tax Code, continue to apply to audits, deficiencies, 
redeterminations, and refunds of any tax due or collected under 
Chapter 171 until barred by limitations.
	(b)  The repeal of Chapter 171, Tax Code, by this Act does not 
affect:       
		(1)  the status of a corporation that has had its 
corporate privileges, certificate of authority, or corporate 
charter revoked, a suit filed against it, or a receiver appointed 
under Subchapter F, G, or H of that chapter;
		(2)  the ability of the comptroller, secretary of 
state, or attorney general to take action against a corporation 
under those subchapters for actions that took place before the 
repeal; or
		(3)  the right of a corporation to contest a 
forfeiture, revocation, lawsuit, or appointment of a receiver under 
those subchapters.
	SECTION 3.  This Act takes effect January 1, 2006.