|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to the $1 million total revenue exemption for the |
|
franchise tax. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 1(c), Chapter 286 (H.B. 4765), Acts of |
|
the 81st Legislature, Regular Session, 2009, as amended by Section |
|
37.01, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called |
|
Session, 2011, is repealed. |
|
SECTION 2. Section 2, Chapter 286 (H.B. 4765), Acts of the |
|
81st Legislature, Regular Session, 2009, as amended by Section |
|
37.02, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called |
|
Session, 2011, and which amended former Subsection (d), Section |
|
171.002, Tax Code, is repealed. |
|
SECTION 3. Section 3, Chapter 286 (H.B. 4765), Acts of the |
|
81st Legislature, Regular Session, 2009, as amended by Section |
|
37.03, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called |
|
Session, 2011, and which amended former Subsection (a), Section |
|
171.0021, Tax Code, is repealed. |
|
SECTION 4. Section 171.006(b), Tax Code, is amended to read |
|
as follows: |
|
(b) Beginning in 2010, on January 1 of each even-numbered |
|
year, the amounts prescribed by Sections 171.002(d)(2)[,
|
|
171.0021,] and 171.1013(c) are increased or decreased by an amount |
|
equal to the amount prescribed by those sections on December 31 of |
|
the preceding year multiplied by the percentage increase or |
|
decrease during the preceding state fiscal biennium in the consumer |
|
price index and rounded to the nearest $10,000. |
|
SECTION 5. Sections 171.0021 and 171.1016(d), Tax Code, are |
|
repealed. |
|
SECTION 6. (a) Subject to Subsection (b) of this section, |
|
this Act takes effect on the 91st day after the last day of the |
|
legislative session. |
|
(b) If H.B. No. 500, Acts of the 83rd Legislature, Regular |
|
Session, 2013, becomes law, this Act has no effect. |