Effort would reduce taxes nearly $1.6 billion
Texas Insider Report: AUSTIN Texas By cutting taxes for Texas businesses we are helping job creators in our communities and promoting economic growth across the state" said Gov. Rick Perry during a mid-afternoon Tax Relief for Texans Press Conference surrounded by leading Texas lawmakers the Texas Association of Business (TAB) National Federation of Independent Business (NFIB) and the Texas Conservative Coalition. (Watch full Press Conf. video via Texas State Public Affairs Network here.)
Businesses that keep more of their money can pass savings on to consumers hire more workers offer greater employee benefits or reinvest it into their companies and grow their business all of which are good for Texans and our growing economy."
(Watch the full Press Conf. video via T-SPAN the Texas State Public Affairs Network here.)
Gov. Perrys plan would reduce business taxes by:- Reducing the franchise tax rates by 5
- Providing a $1 million deduction for businesses with revenue up to $20 million
- Lowering the rate for EZ Form filers
- Giving companies relocating to Texas from out of state a one-time deduction of moving expenses in the first year they pay the franchise tax
Government doesnt create prosperity business does. By reducing the tax burden on Texas businesses businesses will keep hiring more workers reinvesting in their companies and driving the economic success of our state" Hammond said.Business is the economic engine of our state and Gov. Perrys plan will only serve to fuel that engine" TAB President Bill Hammond said.
These four specific points demonstrate an understanding of the kind of relief small business owners have said they want. We applaud the governors willingness to prioritize economic development and provide relief to our states job creators" said Newton.Gov. Perrys tax relief proposals will go a long way in helping entrepreneurs and smaller businesses grow during this period of economic recovery" NFIB Texas Executive Director Will Newton said.
