Bill Text: TX HB3000 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to the repeal of the franchise tax; making an appropriation.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2021-03-18 - Referred to Ways & Means [HB3000 Detail]
Download: Texas-2021-HB3000-Introduced.html
| 87R9574 CJC-D | ||
| By: Cason | H.B. No. 3000 | |
|
|
||
|
|
||
| relating to the repeal of the franchise tax; making an | ||
| appropriation. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. (a) Chapter 171, Tax Code, is repealed. | ||
| (b) A taxable entity that is subject to the franchise tax | ||
| imposed under Chapter 171, Tax Code, on December 31, 2021, is not | ||
| required to file a franchise tax report or pay a tax on the taxable | ||
| entity's taxable margin for the period ending on that date. | ||
| (c) Chapter 171, Tax Code, as that chapter existed | ||
| immediately before its repeal by this Act, and Subtitle B, Title 2, | ||
| Tax Code, continue to apply to audits, deficiencies, | ||
| redeterminations, and refunds of any tax due or collected under | ||
| Chapter 171 until barred by limitations. | ||
| (d) The repeal of Chapter 171, Tax Code, does not affect: | ||
| (1) the status of a taxable entity that has had its | ||
| corporate privileges, certificate of authority, certificate of | ||
| organization, certificate of limited partnership, corporate | ||
| charter, or registration revoked, suit filed against it, or a | ||
| receiver appointed under Subchapter F, G, or H of that chapter; | ||
| (2) the ability of the comptroller of public accounts, | ||
| secretary of state, or attorney general to take action against a | ||
| taxable entity under Subchapter F, G, or H of that chapter for | ||
| actions that took place before the repeal; or | ||
| (3) the right of a taxable entity to contest a | ||
| forfeiture, revocation, lawsuit, or appointment of a receiver under | ||
| Subchapter F, G, or H of that chapter. | ||
| SECTION 2. (a) Not later than December 1, 2021, the | ||
| comptroller of public accounts, in consultation with the | ||
| Legislative Budget Board, shall determine the total amount of | ||
| revenue anticipated to have been received by this state during the | ||
| state fiscal biennium ending August 31, 2023, attributable to the | ||
| tax imposed under Chapter 171, Tax Code, if that chapter were not | ||
| repealed. | ||
| (b) On January 1, 2022, the amount determined under | ||
| Subsection (a) of this section is appropriated from the economic | ||
| stabilization fund to the comptroller of public accounts for the | ||
| purpose of depositing that amount to the credit of the general | ||
| revenue fund as money available for use during the state fiscal | ||
| biennium ending August 31, 2023, to make expenditures previously | ||
| authorized by appropriations from general revenue for that state | ||
| fiscal biennium. | ||
| SECTION 3. This Act takes effect January 1, 2022, but only | ||
| if: | ||
| (1) this Act receives a vote of two-thirds of the | ||
| members present in each house of the legislature, as provided by | ||
| Section 49-g(m), Article III, Texas Constitution; and | ||
| (2) the total amount of appropriations made by the | ||
| General Appropriations Act for the state fiscal biennium ending | ||
| August 31, 2023, is at least three percent less than the total | ||
| amount of appropriations made by the General Appropriations Act for | ||
| the state fiscal biennium ending August 31, 2021. | ||
