| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment requiring any increase in a |
|
|
rate of the franchise tax be approved by two-thirds of all the |
|
|
members elected to each house of the legislature. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Article VIII, Texas Constitution, is amended by |
|
|
adding Section 25 to read as follows: |
|
|
Sec. 25. (a) A bill increasing a rate of the franchise tax |
|
|
per year of privilege period of taxable margin above the |
|
|
corresponding rate provided by H.B. No. 3, Acts of the 79th |
|
|
Legislature, 3rd Called Session, 2006, may take effect only if |
|
|
passed by a record vote of two-thirds of all the members elected to |
|
|
each house of the legislature on final consideration in each house. |
|
|
(b) This section applies to an increase in a rate of the |
|
|
franchise tax as it applies to any taxable entity, including a |
|
|
taxable entity primarily engaged in retail or wholesale trade. |
|
|
(c) This section does not apply to a bill that decreases a |
|
|
rate of the franchise tax. If a rate of the franchise tax is |
|
|
decreased, this section applies to any subsequent increase in that |
|
|
rate. |
|
|
(d) This section does not apply to a bill that amends: |
|
|
(1) the manner in which the franchise tax is computed, |
|
|
including the determination of margin and taxable margin and any |
|
|
allowable deductions or credits; |
|
|
(2) the manner in which the franchise tax is |
|
|
administered or enforced; or |
|
|
(3) the applicability of the franchise tax to certain |
|
|
entities. |
|
|
SECTION 2. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 6, 2007. |
|
|
The ballot shall be printed to provide for voting for or against the |
|
|
proposition: "The constitutional amendment requiring any increase |
|
|
in a rate of the franchise tax be approved by two-thirds of all the |
|
|
members elected to each house of the legislature." |