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