Search Form
First, enter a politician or zip code
Now, choose a category

Key Votes

HB 28 - Establishes Standards for Determining Adjusted Franchise Tax Rates - Texas Key Vote

Gary Elkins voted Yea (Passage) on this Legislation.

Read statements Gary Elkins made in this general time period.

Timeline

Issues Related to HB 28

Stage Details

Legislation - Referred to Committee (Senate) -

Title: Establishes Standards for Determining Adjusted Franchise Tax Rates

Legislation - Bill Passed (House) (96-39) - (Key vote)
See How Your Politicians Voted

Title: Establishes Standards for Determining Adjusted Franchise Tax Rates

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that establishes standards and procedures for adjusting, controlling, and reporting franchise tax rates and other revenue-related funds.

Highlights:

 

  • Requires the comptroller of public accounts to determine the ending balance of general revenue-related funds from the preceding state fiscal biennium and take the following actions no later than December 15 of each odd-numbered year (Secs. 1 & 2):

    • Determine and adopt the adjusted franchise tax rates; and

    • Publish a notice about the determined rates in the Texas Register.

  • Requires that, in determining the adjusted tax rates, the amount should proportionally reflect the reductions of franchise tax rates that are effective when the determination is made (Sec. 2).

  • Specifies that the adjusted tax rates should be determined and provided in a report every even-numbered year (Sec. 2).

  • Specifies that beginning on September 1, 2017, franchise tax rates expire on December 31 of a given year if in that state fiscal year the adjusted franchise tax rate is less than 15% of the franchise tax rate (Sec. 5).

  • Requires a standard computation formula to be applied in order to calculate the taxable margin for franchise tax (Sec. 2).

  • Specifies that with regard to the expiration date of the tax, this bill does not affect the status of a taxable entity that has had certain sanctions imposed or suits filed against it (Sec. 5).

  • Authorizes the comptroller, secretary of state, or attorney general to take action against a taxable entity that is in violation of this bill (Sec. 5).

  • Authorizes a taxable entity to contest a forfeiture, revocation, lawsuit, or appointment of a Receiver (Sec. 5).

  • Specifies that this bill applies only to a franchise tax report created on or after January 1, 2020 (Sec. 6).

  • Specifies that the effective date of most provisions in this bill is September 1, 2019 (Sec. 7).
Legislation - Introduced (House) -

Title: Establishes Standards for Determining Adjusted Franchise Tax Rates

Co-sponsors

Skip to top

Help us stay free for all your Fellow Americans

Just $5 from everyone reading this would do it.

Thank You!

You are about to be redirected to a secure checkout page.

Please note:

The total order amount will read $0.01. This is a card processor fee. Please know that a recurring donation of the amount and frequency that you selected will be processed and initiated tomorrow. You may see a one-time charge of $0.01 on your statement.

Continue to secure page »

Back to top