Texas Assoc. Business Launches Petition Drive in Support of Tax Relief

Texas Insider Report: AUSTIN Texas If a business is paying taxes on $2 million a year now this deduction would cut their tax bill in half.  That would be an immediate stimulus for that business" said Bill Hammond as the Texas Association of Business (TAB) launched its on-line petition drive to encourage the passage of $1.8 billion in tax relief targeted at Texas small business.   Small businesses are the job creators in Texas" said Bill Hammond TAB President and CEO. We feel targeting tax relief towards small business will rev up the job creation engine in this state." The tax relief plan would make permanent the $1 million franchise tax exemption. This would allow businesses who have less than $1 million in taxable income to avoid paying the tax.  It also creates a $1 million franchise tax deduction where businesses could deduct their first $1 million in taxable income. This plan will also bring more equity to the overall taxing system.

If a business has $900000 in taxable income right now they dont pay any taxes but a business that has $1.1 million in taxable income pays taxes on that whole amount" said Hammond.   Under this plan that business would only pay taxes on the $100000 in taxable income instead of the full amount.  This plan certainly creates more fairness than the current system does."

The online petition is linked on the front page of the Texas Association of Businesss website www.txbiz.org. Founded in 1922 the Texas Association of Business is a broad-based bipartisan organization representing more than 3000 small and large Texas employers and 200 local chambers of commerce.