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A BILL TO BE ENTITLED
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AN ACT
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relating to the temporary suspension of the state sales tax in |
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certain fiscal years. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 151.051, Tax Code is amended by adding |
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Subsection (c) as follows: |
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Sec. 151.051. SALES TAX IMPOSED. (a) A tax is imposed on |
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each sale of a taxable item in this state. |
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(b) The sales tax rate is 6-1/4 percent of the sales price of |
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the taxable item sold. |
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(c) The tax imposed under this chapter on each sale of a |
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taxable item in this state is suspended immediately for the |
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remainder of any fiscal year in which the revenue collected during a |
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fiscal year under this chapter equals or exceeds the official |
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revenue estimate for revenue derived from the tax imposed under |
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this chapter for the same fiscal year. The comptroller by rule |
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shall adopt procedures for implementing this subsection. |
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SECTION 2. This act takes effect September 1, 2007. |