House Bill 4765 reduces the business tax burden on 40000 businesses
AUSTIN Tonight in the Texas Senate Senator Dan Patrick (R-Houston) passed House Bill 4765 on a vote of 30 to 1. As passed by the Senate House Bill 4765 increases the small business tax exemption from businesses making less than $300000 to those making $1 million for the years 2010 and 2011. The effect of this bill is to remove the franchise tax burden on approximately 40000 businesses that paid franchise tax in 2008.
Today the Texas Senate cut taxes on 40000 businesses who are struggling in todays economy to give bonuses purchase capital and hire personnel and growth that make the Texas economy strong said Senator Patrick. House Bill 4765 will provide over $172 million in tax relief to help Texas businesses recover from this recession.
In 2008 about 140000 businesses filed business tax reports and 40000 of them were required to pay franchise tax. As the last hours of the 81st Legislative Session wind down Senator Patrick was glad to see franchise tax relief avoid the cutting room floor.
Providing permanent tax relief to the businesses that comprise the economic engine of the Texas economy was a top priority for me this session said Senator Patrick. When the curtain closes on this session I can return to my district confident that I have delivered on my promise to cut taxes.
