Posted on 05/06/2009 3:13:54 PM PDT by CHEE
The Texas Legislature gave final approval on Monday to a cut to its business margins tax aimed at reducing the burden the tax places on small businesses.The legislation, House Bill 4765, raises the exemption to the tax from $300,000 to $1 million.
The margins tax was passed in 2006 as a replacement to the outmoded franchise tax, which was so ineffective that five out of six Texas businesses were not paying it. But the new tax soon became a large burden on small business. Calls to reform it were so great that a key Democrat shoved aside multiple Republican bills on the topic and even bypassed the House rules to put his name on the bill.
The increase in the threshhold for businesses to qualify for the tax means that approximately 230,000 Texas businesses will not have to pay the tax. Advocates for the change say that decreasing the burden on small businesses will help them continue to grow even in this bad economic climate.
(Excerpt) Read more at texasrepublicnews.com ...
Very smart move! John Galt is probably headed for the Lone Star state...
One more reason why Texas ought to secede. They can balnce their books much better than Washington can and will keep us out of the massive debt problems we’ll have if we stay in the federal ponzi scheme known as the U.S. Congress.
Yeah but we still have problems - like in state tuition for illegals.
TX ping.
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