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A BILL TO BE ENTITLED
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AN ACT
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relating to decreasing the rates 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. Sections 171.002(a) and (b), Tax Code, are |
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amended to read as follows: |
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(a) Subject to Sections 171.003 and 171.1016 and except as |
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provided by Subsection (b), the rate of the franchise tax is 0.95 |
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[one] percent of taxable margin. |
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(b) Subject to Sections 171.003 and 171.1016, the rate of |
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the franchise tax is 0.475 [0.5] percent of taxable margin for those |
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taxable entities primarily engaged in retail or wholesale trade. |
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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. |