Bill Text: TX SB134 | 2015-2016 | 84th Legislature | Introduced

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Bill Title: Relating to the total revenue exemption for the franchise tax.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-01-27 - Referred to Finance [SB134 Detail]

Download: Texas-2015-SB134-Introduced.html

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84R1414 TJB-D
By: Schwertner S.B. No. 134

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 $5 [$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.