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A BILL TO BE ENTITLED
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AN ACT
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relating to the $1 million total revenue exemption for the |
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franchise tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1(c), Chapter 286 (H.B. 4765), Acts of |
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the 81st Legislature, Regular Session, 2009, as amended by Section |
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37.01, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called |
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Session, 2011, is repealed. |
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SECTION 2. Section 2, Chapter 286 (H.B. 4765), Acts of the |
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81st Legislature, Regular Session, 2009, as amended by Section |
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37.02, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called |
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Session, 2011, and which amended former Subsection (d), Section |
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171.002, Tax Code, is repealed. |
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SECTION 3. Section 3, Chapter 286 (H.B. 4765), Acts of the |
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81st Legislature, Regular Session, 2009, as amended by Section |
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37.03, Chapter 4 (S.B. 1), Acts of the 82nd Legislature, 1st Called |
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Session, 2011, and which amended former Subsection (a), Section |
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171.0021, Tax Code, is repealed. |
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SECTION 4. Section 171.006(b), Tax Code, is amended to read |
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as follows: |
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(b) Beginning in 2010, on January 1 of each even-numbered |
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year, the amounts prescribed by Sections 171.002(d)(2)[,
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171.0021,] and 171.1013(c) are increased or decreased by an amount |
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equal to the amount prescribed by those sections on December 31 of |
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the preceding year multiplied by the percentage increase or |
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decrease during the preceding state fiscal biennium in the consumer |
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price index and rounded to the nearest $10,000. |
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SECTION 5. Sections 171.0021 and 171.1016(d), Tax Code, are |
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repealed. |
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SECTION 6. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |