Texas Tax Code
§ 171.1016 — E-Z COMPUTATION AND RATE
TX § 171.1016Title 2. STATE TAXATION · Part F. FRANCHISE TAX; CREDITS · Ch. 171. FRANCHISE TAX · Art. C. DETERMINATION OF TAXABLE MARGIN; ALLOCATION AND APPORTIONMENT
Statute text
View on source(a)Notwithstanding any other provision of this chapter, a taxable entity whose total revenue from its entire business is not more than $20 million may elect to pay the tax imposed under this chapter in the amount computed and at the rate provided by this section rather than in the amount computed and at the tax rate provided by Section 171.002.
(b)The amount of the tax for which a taxable entity that elects to pay the tax as provided by this section is liable is computed by:
(1)determining the taxable entity's total revenue from its entire business, as determined under Section 171.1011;
(2)apportioning the amount computed under Subdivision (1) to this state, as provided by Section 171.106, to determine the taxable entity's apportioned total revenue; and
(3)multiplying the amount computed under Subdivision (2) by the rate of 0.331 percent.
(c)A taxable entity that elects to pay the tax as provided by this section may not take a credit, deduction, or other adjustment that is not specifically authorized by this section.
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Legislative history
Acts 2013, 83rd Leg., R.S., Ch. 1232 (H.B. 500), Sec. 15, eff. January 1, 2014. Acts 2015, 84th Leg., R.S., Ch. 449 (H.B. 32), Sec. 3, eff. January 1, 2016.