By: Schwertner, et al.  S.B. No. 8
         (In the Senate - Filed February 24, 2015; February 24, 2015,
  read first time and referred to Committee on Finance;
  March 17, 2015, reported favorably by the following vote:  Yeas 13,
  Nays 2; March 17, 2015, sent to printer.)
Click here to see the committee vote
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to the total revenue exemption for the franchise tax.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 171.002(d), Tax Code, is amended to read
  as follows:
         (d)  A taxable entity is not required to pay any tax and is
  not considered to owe any tax for a period if:
               (1)  the amount of tax computed for the taxable entity
  is less than $1,000; or
               (2)  the amount of the taxable entity's total revenue
  from its entire business is less than or equal to $4 [$1] million or
  the amount determined under Section 171.006 per 12-month period on
  which margin is based.
         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.
 
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