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A BILL TO BE ENTITLED
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AN ACT
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relating to temporary permissive alternate rates for the franchise |
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tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 171, Tax Code, is amended |
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by adding Section 171.0024 to read as follows: |
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Sec. 171.0024. TEMPORARY PERMISSIVE ALTERNATE RATES FOR |
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2016 AND 2017. (a) Notwithstanding Section 171.002(a) and subject |
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to Section 171.1016 and Subsection (b) of this section, a taxable |
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entity may elect to pay the tax imposed under this chapter at a rate |
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of 0.95 percent of taxable margin. |
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(b) Notwithstanding Section 171.002(b) and subject to |
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Section 171.1016, a taxable entity primarily engaged in retail or |
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wholesale trade as defined by Sections 171.002(c) and (c-1) may |
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elect to pay the tax imposed under this chapter at a rate of 0.475 |
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percent of taxable margin. |
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(c) This section applies only to a report originally due on |
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or after January 1, 2016, and before January 1, 2018. |
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(d) This section expires December 31, 2017. |
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SECTION 2. This Act takes effect September 1, 2015. |