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A JOINT RESOLUTION
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proposing a constitutional amendment requiring any increase in a |
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rate of the franchise tax be approved by two-thirds of all the |
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members elected to each house of the legislature. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VIII, Texas Constitution, is amended by |
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adding Section 29 to read as follows: |
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Sec. 29. (a) A bill increasing a rate of the franchise tax |
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per year of privilege period of taxable margin above the |
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corresponding rate provided by Chapter 1 (H.B. 3), Acts of the 79th |
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Legislature, 3rd Called Session, 2006, may take effect only if |
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passed by a record vote of two-thirds of all the members elected to |
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each house of the legislature on final consideration in each house. |
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(b) This section applies to an increase in a rate of the |
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franchise tax as it applies to any taxable entity, including a |
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taxable entity primarily engaged in retail or wholesale trade. |
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(c) This section does not apply to a bill that decreases a |
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rate of the franchise tax. If a rate of the franchise tax is |
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decreased, this section applies to any subsequent increase in that |
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rate. |
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(d) This section does not apply to a bill that amends: |
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(1) the manner in which the franchise tax is computed, |
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including the determination of margin and taxable margin and any |
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allowable deductions or credits; |
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(2) the manner in which the franchise tax is |
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administered or enforced; or |
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(3) the applicability of the franchise tax to certain |
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entities. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 5, 2013. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment requiring any increase |
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in a rate of the franchise tax be approved by two-thirds of all the |
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members elected to each house of the legislature." |