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Texas Tax Code - TAX § 171.501. Refund for Job Creation in Enterprise Zone

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A corporation that has been certified a qualified business as provided by Chapter 2303, Government Code, may apply for and be granted a refund of franchise tax paid with an initial or annual report if the governing body certifies to the comptroller that the business has created 10 or more new jobs held by qualified employees during the calendar year that contains the end of the accounting period on which the report is based.

(b) Only qualified businesses that have been certified as eligible for a refund under this section by the governing body to the comptroller are entitled to the refund.

(c) Repealed by Acts 2003, 78th Leg., ch. 814, § 6.01(10).

(d) The amount of a refund under this section is the lesser of $5,000 or 25 percent of the amount of franchise tax due for any one privilege period before any other applicable credits. For purposes of this subsection, the initial and second periods are considered to be the same privilege period.

(e) In this section:

(1) “Enterprise zone” and “qualified employee” have the meanings assigned to those terms by Section 2303.003, Government Code.

(2) “Governing body” means the governing body of a municipality or county that applied to have the project or activity of a qualified business designated as an enterprise project under Section 2303.405, Government Code.

(3) “New job” has the meaning assigned “permanent new job” by Section 2303.401, Government Code.

(4) “Qualified business” means a person that is certified as a qualified business under Section 2303.402, Government Code.

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Cite this article: FindLaw.com - Texas Tax Code - TAX § 171.501. Refund for Job Creation in Enterprise Zone - last updated January 01, 2024 | https://codes.findlaw.com/tx/tax-code/tax-sect-171-501/

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