| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the use of certain surplus state revenue to provide for |
|
|
a rebate of state franchise taxes. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Chapter 171, Tax Code, is amended by adding |
|
|
Subchapter K to read as follows: |
|
|
SUBCHAPTER K. SURPLUS REVENUE: REBATE OF FRANCHISE TAXES |
|
|
Sec. 171.551. ISSUANCE OF INDIVIDUAL REBATES. (a) Not |
|
|
later than the 180th day of each state fiscal biennium, the |
|
|
comptroller shall issue to each payer of the franchise tax during |
|
|
the previous state fiscal biennium a rebate as provided by this |
|
|
section if the comptroller has determined under Subsection (a), |
|
|
Section 49-g-1, Article III, Texas Constitution, that there remains |
|
|
an unencumbered positive balance of general revenues from the |
|
|
preceding state fiscal biennium. |
|
|
(b) The comptroller shall compute for each payer of the |
|
|
franchise tax during the preceding state fiscal biennium the |
|
|
fractional share of the franchise taxes to be rebated by dividing |
|
|
that franchise tax payer's total franchise taxes paid during the |
|
|
preceding state fiscal biennium by the total of all franchise taxes |
|
|
paid under this chapter during that preceding state fiscal |
|
|
biennium. |
|
|
(c) The comptroller shall issue to each payer of the |
|
|
franchise tax during the preceding state fiscal biennium a rebate |
|
|
of franchise taxes paid in an amount equal to the fraction |
|
|
determined for that payer under Subsection (b) multiplied by the |
|
|
total amount of rebates to be issued under Subsection (b)(1), |
|
|
Section 49-g-1, Article III, Texas Constitution. |
|
|
(d) The comptroller may issue a payer's rebate by warrant or |
|
|
by electronic funds transfer, as provided by rules of the |
|
|
comptroller. |
|
|
SECTION 2. Subchapter K, Chapter 171, Tax Code, as added by |
|
|
this Act, applies beginning with the state fiscal biennium |
|
|
beginning September 1, 2019. |
|
|
SECTION 3. This Act takes effect on the date on which the |
|
|
constitutional amendment proposed by the 85th Legislature, Regular |
|
|
Session, 2017, concerning the use of unencumbered surplus state |
|
|
revenues to provide for a rebate of state franchise taxes takes |
|
|
effect. If that amendment is not approved by the voters, this Act |
|
|
has no effect. |