| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to decreasing the rates of the franchise tax. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Sections 171.002(a) and (b), Tax Code, are |
|
|
amended to read as follows: |
|
|
(a) Subject to Sections 171.003 and 171.1016 and except as |
|
|
provided by Subsection (b), the rate of the franchise tax is 0.85 |
|
|
[one] percent of taxable margin. |
|
|
(b) Subject to Sections 171.003 and 171.1016, the rate of |
|
|
the franchise tax is 0.425 [0.5] percent of taxable margin for those |
|
|
taxable entities primarily engaged in retail or wholesale trade. |
|
|
SECTION 2. This Act applies only to a report originally due |
|
|
on or after the effective date of this Act. |
|
|
SECTION 3. This Act takes effect January 1, 2016. |