|
|
|
A JOINT RESOLUTION
|
|
proposing a constitutional amendment clarifying that a tax imposed |
|
on certain business entities is not subject to Section 24, Article |
|
VIII, Texas Constitution, and imposing certain limitations on the |
|
computation of a tax imposed on a business entity. |
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 24, Article VIII, Texas Constitution, is |
|
amended by adding Subsection (k) to read as follows: |
|
(k) Notwithstanding any other provision of this section, |
|
this section does not apply to a tax imposed on a business entity |
|
that is organized under the laws of this state, another state, or a |
|
foreign nation to provide liability protection for the owners from |
|
the debts and other obligations of the business entity. |
|
SECTION 2. Article VIII, Texas Constitution, is amended by |
|
adding Section 25 to read as follows: |
|
Sec. 25. A tax imposed on a business entity may not be |
|
computed using the business entity's taxable margin, as determined |
|
under Section 171.101, Tax Code, as that section existed on January |
|
1, 2011, or a substantially similar tax base. |
|
SECTION 3. The following temporary provision is added to |
|
the Texas Constitution: |
|
TEMPORARY PROVISION. (a) This temporary provision applies |
|
to the constitutional amendment proposed by the 82nd Legislature, |
|
Regular Session, 2011, clarifying that a tax imposed on a business |
|
entity organized to provide liability protection for the owners |
|
from the debts and other obligations of the business entity is not a |
|
tax subject to Section 24, Article VIII, of this constitution and |
|
imposing certain limitations on the manner in which a tax imposed on |
|
a business entity may be computed. |
|
(b) The changes made by Section 25, Article VIII, of this |
|
constitution, as added by the amendment, apply only to a tax |
|
liability of a business entity that is originally due on or after |
|
January 1, 2014. |
|
(c) This temporary provision expires January 1, 2015. |
|
SECTION 4. This proposed constitutional amendment shall be |
|
submitted to the voters at an election to be held November 8, 2011. |
|
The ballot shall be printed to provide for voting for or against the |
|
proposition: "The constitutional amendment clarifying that a tax |
|
imposed on a business entity organized to provide liability |
|
protection for the owners from the debts and other obligations of |
|
the business entity is not subject to Section 24, Article VIII, |
|
Texas Constitution, and imposing certain limitations on the manner |
|
in which a tax imposed on a business entity may be computed." |