Bill Text: TX HB3621 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to a franchise tax discount under certain circumstances.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-03-30 - Referred to Ways & Means [HB3621 Detail]
Download: Texas-2017-HB3621-Introduced.html
| 85R12584 CJC-D | ||
| By: Villalba | H.B. No. 3621 | |
|
|
||
|
|
||
| relating to a franchise tax discount under certain circumstances. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter A, Chapter 171, Tax Code, is amended | ||
| by adding Section 171.008 to read as follows: | ||
| Sec. 171.008. DISCOUNT FROM TAX LIABILITY. (a) In this | ||
| section: | ||
| (1) "Biennial revenue estimate" means the estimate of | ||
| anticipated revenue to this state for the succeeding biennium that | ||
| the comptroller prepares in accordance with Section 49a(a), Article | ||
| III, Texas Constitution. | ||
| (2) "Current biennium" means the state fiscal biennium | ||
| in which a biennial revenue estimate is submitted to the governor | ||
| and legislature. | ||
| (3) "Succeeding biennium" means the state fiscal | ||
| biennium beginning after the current biennium. | ||
| (b) The comptroller shall determine and include with the | ||
| biennial revenue estimate the percentage change from the current | ||
| biennium to the succeeding biennium in total general | ||
| revenue-related funds available for certification, as shown in the | ||
| biennial revenue estimate for those bienniums. | ||
| (c) This section applies to a taxable entity's computation | ||
| of tax due for the reports originally due in each year of the | ||
| succeeding biennium only if the percentage change determined under | ||
| Subsection (b) is greater than five percent. Not later than January | ||
| 15 of each year in which this section applies, the comptroller shall | ||
| post on the comptroller's Internet website a notice regarding this | ||
| section's applicability for that year. | ||
| (d) A taxable entity is entitled to a discount of 25 percent | ||
| of the tax imposed under this chapter that the taxable entity is | ||
| required to pay after determining its taxable margin under Section | ||
| 171.101, applying the appropriate rate of the tax under Section | ||
| 171.002(a) or (b), and subtracting any other allowable credits, | ||
| including credit carryforwards. | ||
| (e) Notwithstanding Section 171.1016(c), a taxable entity | ||
| that elects to pay the tax as provided by Section 171.1016 is | ||
| entitled to a discount of 25 percent of the tax calculated under | ||
| that section. | ||
| 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, 2019. | ||
