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A BILL TO BE ENTITLED
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AN ACT
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relating to the franchise tax liability of certain taxable |
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entities. |
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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, 2012, 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 $600,000 or the |
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amount determined under Section 171.006 per 12-month period on |
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which margin is based; or |
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(3) the taxable entity's taxable income from its |
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entire business during the period on which margin is based is zero |
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or less. |
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SECTION 2. Section 171.204, Tax Code, is amended by adding |
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Subsection (d) to read as follows: |
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(d) The comptroller may not require an entity that does not |
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owe any tax because of the application of Section 171.002(d) to file |
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a report or other information to verify that the entity does not owe |
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any tax under this chapter. |
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SECTION 3. 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 4. This Act takes effect January 1, 2012. |