Sec. 171.0021. DISCOUNTS FROM TAX LIABILITY FOR SMALL BUSINESSES

Text of subsection effective until January 1, 2014, as provided by Acts 2011, 82nd Leg., 1st C.S., Ch.4, Art. 37

(a) A taxable entity is entitled to a discount of the tax imposed under this chapter that the taxable entity is required to pay after determining its taxable margin under Section 171.101, applying the appropriate rate of the tax under Section 171.002(a) or (b), and subtracting any other allowable credits, as follows:

(1) for a taxable entity for which the total revenue from its entire business is greater than $300,000 but less than $400,000, the taxable entity is entitled to a discount of 80 percent;

(2) for a taxable entity for which the total revenue from its entire business is equal to or greater than $400,000 but less than $500,000, the taxable entity is entitled to a discount of 60 percent;

(3) for a taxable entity for which the total revenue from its entire business is equal to or greater than $500,000 but less than $700,000, the taxable entity is entitled to a discount of 40 percent; and

(4) for a taxable entity for which the total revenue from its entire business is equal to or greater than $700,000 but less than $900,000, the taxable entity is entitled to a discount of 20 percent.

Text of subsection effective on January 1, 2014, as provided by Acts 2011, 82nd Leg., 1st C.S., Ch. 4, Art. 37

(a) A taxable entity is entitled to a discount of the tax imposed under this chapter that the taxable entity is required to pay after determining its taxable margin under Section 171.101, applying the appropriate rate of the tax under Section 171.002(a) or (b), and subtracting any other allowable credits, as follows:

(1) for a taxable entity for which the total revenue from its entire business is greater than $600,000 but less than $700,000, the taxable entity is entitled to a discount of 40 percent; and

(2) for a taxable entity for which the total revenue from its entire business is equal to or greater than $700,000 but less than $900,000, the taxable entity is entitled to a discount of 20 percent.

(b) The amounts under Subsection (a) are subject to adjustment as provided by Section 171.006.

Text of subsection effective until January 1, 2014, as provided by Acts 2011, 82nd Leg., 1st C.S., Ch. 4 , Art. 37 (a) A taxable entity is entitled to a discount of the tax imposed under this chapter that the taxable entity is required to pay after determining its taxable margin under Section 171.101, applying the appropriate rate of the tax under Section 171.002(a) or (b), and subtracting any other allowable credits, as follows: (1) for a taxable entity for which the total revenue from its entire business is greater than $300,000 but less than $400,000, the taxable entity is entitled to a discount of 80 percent; (2) for a taxable entity for which the total revenue from its entire business is equal to or greater than $400,000 but less than $500,000, the taxable entity is entitled to a discount of 60 percent; (3) for a taxable entity for which the total revenue from its entire business is equal to or greater than $500,000 but less than $700,000, the taxable entity is entitled to a discount of 40 percent; and (4) for a taxable entity for which the total revenue from its entire business is equal to or greater than $700,000 but less than $900,000, the taxable entity is entitled to a discount of 20 percent. Text of subsection effective on January 1, 2014, as provided by Acts 2011, 82nd Leg., 1st C.S., Ch. 4 , Art. 37 (a) A taxable entity is entitled to a discount of the tax imposed under this chapter that the taxable entity is required to pay after determining its taxable margin under Section 171.101, applying the appropriate rate of the tax under Section 171.002(a) or (b), and subtracting any other allowable credits, as follows: (1) for a taxable entity for which the total revenue from its entire business is greater than $600,000 but less than $700,000, the taxable entity is entitled to a discount of 40 percent; and (2) for a taxable entity for which the total revenue from its entire business is equal to or greater than $700,000 but less than $900,000, the taxable entity is entitled to a discount of 20 percent. (b) The amounts under Subsection (a) are subject to adjustment as provided by Section 171.006. Added by Acts 2007, 80th Leg., R.S., Ch. 1282 , Sec. 8, eff. January 1, 2008. Amended by: Acts 2009, 81st Leg., R.S., Ch. 286 , Sec. 3(a), eff. January 1, 2012.