Bill Text: TX HB3471 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the taxable entities from which no franchise tax payments are due for a period.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-18 - Referred to Ways & Means [HB3471 Detail]
Download: Texas-2015-HB3471-Introduced.html
84R13840 BEF-D | ||
By: Bonnen of Brazoria | H.B. No. 3471 |
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relating to the taxable entities from which no franchise tax | ||
payments are due for a period. | ||
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; [ |
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(2) the amount of the taxable entity's total revenue | ||
from its entire business is less than or equal to $1 million or the | ||
amount determined under Section 171.006 per 12-month period on | ||
which margin is based; or | ||
(3) the taxable entity reports a loss on its federal | ||
income tax return for the period on which margin is based. | ||
SECTION 2. Section 171.1015(d), Tax Code, is amended to | ||
read as follows: | ||
(d) Section 171.002(d) does not apply to an upper tier | ||
entity if, before the attribution of any total revenue by a lower | ||
tier entity to an upper tier entity under this section, the lower | ||
tier entity does not meet the criteria of Section 171.002(d)(1), | ||
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SECTION 3. This Act applies only to a report originally due | ||
on or after the effective date of this Act. | ||
SECTION 4. This Act takes effect January 1, 2016. |