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A BILL TO BE ENTITLED
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AN ACT
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relating to the total revenue exemption for the franchise tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.002(d), Tax Code, as effective |
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January 1, 2008, is amended to read as follows: |
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(d) A taxable entity is not required to pay any tax and is |
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not considered to owe any tax for a period if: |
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(1) the amount of tax computed for the taxable entity |
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is less than $1,000; or |
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(2) the amount of the taxable entity's total revenue |
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from its entire business is less than or equal to $1 million |
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[$300,000] or the amount determined under Section 171.006. |
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SECTION 2. This Act applies only to a report originally due |
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on or after the effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2008. |