Relating to the repeal of the franchise tax.

HB 1508 repeals Texas' franchise tax, which currently requires many businesses to pay taxes based on their revenue. It directly affects Texas businesses that pay this tax, eliminating their obligation to file reports or pay the tax after December 31, 2025, with the repeal taking effect January 1, 2026. The bill ensures that audits, penalties, or refunds related to franchise tax for periods before 2026 remain enforceable. It also preserves existing legal actions (like license revocations) taken under the old tax code before the repeal. This is a substantive tax policy change, not a procedural measure.