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TX HB3
TX HB3Relating to the amount of the total revenue exemption for the franchise tax and the exclusion of certain taxable entities from the requirement to file a franchise tax report.
summary
Introduced
07/10/2023
07/10/2023
In Committee
07/11/2023
07/11/2023
Crossed Over
Passed
Dead
07/13/2023
07/13/2023
Introduced Session
88th Legislature 2nd Special Session
Bill Summary
Relating to the amount of the total revenue exemption for the franchise tax and the exclusion of certain taxable entities from the requirement to file a franchise tax report.
AI Summary
This bill amends the Texas Tax Code to increase the total revenue exemption for the franchise tax from $1 million to $2.47 million per 12-month period. It also exempts certain taxable entities that do not owe any franchise tax due to the increased exemption from the requirement to file a franchise tax report with the comptroller. The changes in the law will apply to reports due on or after January 1, 2024, and the bill's effective date is contingent on the passage of related property tax relief legislation.
Committee Categories
Budget and Finance
Sponsors (68)
Drew Darby (R)*,
Charlie Geren (R)*,
Cole Hefner (R)*,
Morgan Meyer (R)*,
Richard Raymond (D)*,
Steve Allison (R),
Doc Anderson (R),
Trent Ashby (R),
Cecil Bell (R),
Keith Bell (R),
Ben Bumgarner (R),
DeWayne Burns (R),
Angie Button (R),
Briscoe Cain (R),
Giovanni Capriglione (R),
Travis Clardy (R),
David Cook (R),
Charles Cunningham (R),
Jay Dean (R),
Mano DeAyala (R),
Mark Dorazio (R),
Frederick Frazier (R),
Stan Gerdes (R),
Craig Goldman (R),
Ryan Guillen (R),
Sam Harless (R),
Cody Harris (R),
Caroline Harris Davila (R),
Richard Hayes (R),
Abel Herrero (D),
Justin Holland (R),
Lacey Hull (R),
Carrie Isaac (R),
Tracy King (D),
Stan Kitzman (R),
John Kuempel (R),
Stan Lambert (R),
Brooks Landgraf (R),
Terri Leo-Wilson (R),
Janie Lopez (R),
J.M. Lozano (R),
John Lujan (R),
Will Metcalf (R),
Eddie Morales (D),
Geanie Morrison (R),
Candy Noble (R),
Tom Oliverson (R),
Angelia Orr (R),
Jared Patterson (R),
Dennis Paul (R),
Four Price (R),
John Raney (R),
Glenn Rogers (R),
Nate Schatzline (R),
Matt Shaheen (R),
Hugh Shine (R),
Shelby Slawson (R),
Reggie Smith (R),
David Spiller (R),
Lynn Stucky (R),
Carl Tepper (R),
Kronda Thimesch (R),
Ed Thompson (R),
Steve Toth (R),
Ellen Troxclair (R),
Gary VanDeaver (R),
Cody Vasut (R),
Terry Wilson (R),
Last Action
Laid on the table subject to call (on 07/13/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://capitol.texas.gov/BillLookup/History.aspx?LegSess=882&Bill=HB3 |
| BillText | https://capitol.texas.gov/tlodocs/882/billtext/html/HB00003H.htm |
| Analysis (House Committee Report) | https://capitol.texas.gov/tlodocs/882/analysis/html/HB00003H.htm |
| Fiscal Note (Introduced) | https://capitol.texas.gov/tlodocs/882/fiscalnotes/html/HB00003I.htm |
| BillText | https://capitol.texas.gov/tlodocs/882/billtext/html/HB00003I.htm |
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