80R6007 MXM-D
 
  By: Creighton H.B. No. 1284
 
 
 
   
 
 
A BILL TO BE ENTITLED
AN ACT
relating to the total revenue exemption for the franchise tax.
       BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
       SECTION 1.  Section 171.002(d), Tax Code, as effective
January 1, 2008, is amended to read as follows:
       (d)  A taxable entity is not required to pay any tax and is
not considered to owe any tax for a period if:
             (1)  the amount of tax computed for the taxable entity
is less than $1,000; or
             (2)  the amount of the taxable entity's total revenue
from its entire business is less than or equal to $600,000
[$300,000] or the amount determined under Section 171.006.
       SECTION 2.  This Act applies only to a report originally due
on or after the effective date of this Act.
       SECTION 3.  This Act takes effect January 1, 2008.