By Senator Dan Patrick
While the legislature is out of session Sen. Patrick continues to work hard for his district
Senator Dan Patrick welcomed Governor Rick Perry to Houston on Tuesday for the signing of House Bill (HB) 4765 which more than triples the business tax exemption. As a result of this legislation roughly 40000 small businesses across Texas will be able to hang onto more of their dollars a
nd plow them back into their businesses in the form of new hires and new equipment said Gov. Perry. There arent many states that could extend a tax cut to small businesses in these tough economic times - I am proud that Texas has.
Thousands of businesses now know that because they wont have to pay franchise taxes for the next few years they can instead spend that money bolstering their business operations which are essential components to maintaining our strong state economy said Rep. Ren Oliveira author of the legislation.
This legislation represents a significant tax reduction for small businesses and Im glad these companies now have greater opportunity to hire workers instead of paying the government said Sen. Dan Patrick the Senate sponsor of the bill. I am honored Gov. Perry would travel to Houston to sign this bill. His leadership from day one in his State of the State address to today has been instrumental in this bills passage and I am excited that we can come together to cut taxes in this uncertain economic environment.
Will Newton Executive Director of the National Federation of Independent Businesses (NFIB) / Texas remarked Senator Patrick is a proven friend of the small business community. He understands the implications of over-taxing and over-regulating the very people who create jobs spur entrepreneurship and historically lead our economy out of recessionary times. House Bill 4765 will reduce the franchise tax burden on the smallest of businesses; bring the kind of relief that will help them keep their doors open during these tough economic times."
HB 4765 takes effect on Jan. 1 2010.
