Texas Attorney General Opinion: V-1248 Page: 3 of 6
This text is part of the collection entitled: Texas Attorney General Opinions and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
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Hon. John Ben Shepperd, Page 3 (V-1248)
November 1, 1951.
"'I. Would the tax in this case be computed at
$1.00 only from the period November 1, 1950 to Sep-
tember 1, 1951 and at the rate of $1.25 for the period
from September 1, 1951 to May 1, 1952?
"2. Or, would the tax be computed at $1.00 for
the full first permit year ending November 1, 1951 and
at $1.25 for the following period to May 1, 1952 ?
"3. Or, would the tax be computed at the rate of
$1.00 for the entire period from November 1, 1950 to
May 1, 1952?
"4. Or, would the tax be computed at the rate of
$1.25 for the entire period from November 1, 1950 tO
May 1, 1952?
"In still another situation a foreign corporation
qualifies on July 15, 1951, thus making its first return
and tax payment due on or before 90 days after July 15,
1952.
" 1. Would the tax in this case be computed at
$1.00 from July 15, 1951 to September 1, 1951 and
thereafter at $1.25?
"2. Or would the tax be computed at $1.00 for
the entire period ?
"3. Or would the tax be computed at $1.25 for
the entire period ?
"4. Or would the tax be computed at $1.00 to
May 1, 1952.and at $1.25 thereafter ?"
The rate to be used in computing the franchise tax
depends upon the rate in effect at the time the tax liability is
determined. If the tax liability attaches prior to September 1,
1951, the effective date of House Bill 285, the rate in effect at
that time should be used in computing the tax, which would be
the rates prescribed by Article 7084, V.C.S., and Article 7084j,
V.C.S., or a total rate of $1.10. If such tax liability attaches on
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Texas. Attorney-General's Office. Texas Attorney General Opinion: V-1248, text, August 21, 1951; (https://texashistory.unt.edu/ark:/67531/metapth266066/m1/3/?q=%221951~%22: accessed August 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.