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A BILL TO BE ENTITLED
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AN ACT
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relat |
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ing to the EZ computation of the franchise tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 171.1016, Tax Code, is amended to read as |
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follows: |
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Sec. 171.1016. E-Z COMPUTATION [AND RATE]. (a) |
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Notwithstanding any other provision of this chapter, a taxable |
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entity whose total revenue from its entire business is not more than |
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$10 million may elect to pay the tax imposed under this chapter in |
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the amount computed under [and at the rate provided by] this section |
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rather than in the amount computed and at the tax rate provided by |
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Section 171.002. |
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(b) The amount of the tax for which a taxable entity that |
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elects to pay the tax as provided by this section is liable is |
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computed by: |
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(1) determining the taxable entity's total revenue |
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from its entire business, as determined under Section 171.1011; |
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(2) apportioning the amount computed under |
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Subdivision (1) to this state, as provided by Section 171.106, to |
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determine the taxable entity's apportioned total revenue; and |
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(3) finding the amount of tax in the table below that |
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corresponds to the taxable entity's apportioned total revenue: |
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Apportioned Total Revenue |
Tax |
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$9,000,001-$10,000,000 |
$9 |
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[(3)
multiplying the amount computed under
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Subdivision (2) by the rate of 0.575 percent.] |
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(c) A taxable entity that elects to pay the tax as provided |
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by this section may not take a credit, deduction, or other |
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adjustment that is not specifically authorized by this section. |
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(d) Repealed by Acts 2013, 83rd Leg., R.S., Ch. 1232, Sec. |
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15, eff. January 1, 2014. |
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(e) A reference in this chapter or other law to the rate of |
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the franchise tax means, as appropriate, the rate under Section |
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171.002 or, for a taxable entity that elects to pay the tax as |
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provided by this section, the rate calculated by dividing the |
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amount of tax determined according to the table in Subsection |
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(b)(3) by the taxable entity's apportioned total revenue [under
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this section]. |
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SECTION 2. 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 3. This Act takes effect January 1, 2016. |