Bill > HB1923

This bill amends the Tax Code to provide an exemption from the franchise tax and certain filing fees for certain businesses owned by veterans during an initial period of operation in the state. Specifically, it defines a "new veteran-owned business" as a new business that is at least 51% owned by one or more honorably discharged U.S. armed forces veterans, and allows such businesses to be exempt from the franchise tax and certain fees for up to 5 years or until they no longer qualify as a new veteran-owned business. The bill also makes changes to the "beginning date" definition for determining when a business becomes subject to the franchise tax.