Bill > SB1481

This bill amends the Texas 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. The bill defines a "new veteran-owned business" as a new business that is at least 51% owned by one or more honorably discharged members of the U.S. armed forces, and provides that the exemption applies for the first five years of operation or until the business no longer qualifies as a new veteran-owned business. The bill also repeals certain provisions related to the franchise tax exemption for certain corporations.