Bill Text: TX HB1373 | 2011-2012 | 82nd Legislature | Introduced

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Bill Title: Relating to the computation of the franchise tax by certain taxable entities.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-03-01 - Referred to Ways & Means [HB1373 Detail]

Download: Texas-2011-HB1373-Introduced.html

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82R3617 JE-F
By: Bohac H.B. No. 1373

A BILL TO BE ENTITLED
AN ACT
relating to the computation of the franchise tax by certain taxable
entities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 171.1016(a), Tax Code, is amended to
read as follows:
(a) Notwithstanding any other provision of this chapter, a
taxable entity whose total revenue from its entire business is not
more than $10 million or that receives at least 50 percent of the
entity's total revenue from transporting freight, merchandise, or
other property by motor vehicle may elect to pay the tax imposed
under this chapter in the amount computed and at the rate provided
by this section rather than in the amount computed and at the tax
rate provided by Section 171.002.
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, 2012.