AUSTIN - On May 5 Texas House Republicans brought relief to small business owners via House Bill 4765 which raises the franchise tax revenue exemption for businesses from $300000 to $1000000.
In these tough economic times Texas small businesses need this immediate relief to create jobs maintain current levels of employees and their salaries and maintain their current levels of employees insurance Rep. Ken Paxton Joint Author said.
Small business owners are our states job creators representing 70 percent of all new jobs created in Texas.
By raising the small business tax exemption from $300000 to $1000000 approximately 230000 additional businesses will qualify to exempt from paying the margins tax.
Decreasing the tax burden on small businesses allows for continued growth and expansion of Texas businesses during this strenuous economic climate. This bill allows the expanded exemption thru 2011. Placing a two year sunset provision on the exemption will force the Legislature to re-evaluate the margins tax during the 82nd Legislature.
The margins tax was created in House Bill 3 in 2006. The effects of this tax hit hardest on the small business owners of Texas. House Bill 4765 extends relief to those businesses that continue to provide Texas with a healthy economic environment.
Small businesses are part of the economic engine that keeps our state moving forward Rep. Larry Taylor Chair of the House Republican Caucus said. This bill will give $172000000 tax relief directly to small businesses in Texas providing true economic stimulus.
AUSTIN - On May 5 Texas House Republicans brought relief to small business owners via House Bill 4765 which raises the franchise tax revenue exemption for businesses from $300000 to $1000000.
In these tough economic times Texas small businesses need this immediate relief to create jobs maintain current levels of employees and their salaries and maintain their current levels of employees insurance Rep. Ken Paxton Joint Author said.
Small business owners are our states job creators representing 70 percent of all new jobs created in Texas.
By raising the small business tax exemption from $300000 to $1000000 approximately 230000 additional businesses will qualify to exempt from paying the margins tax.
Decreasing the tax burden on small businesses allows for continued growth and expansion of Texas businesses during this strenuous economic climate. This bill allows the expanded exemption thru 2011. Placing a two year sunset provision on the exemption will force the Legislature to re-evaluate the margins tax during the 82nd Legislature.
The margins tax was created in House Bill 3 in 2006. The effects of this tax hit hardest on the small business owners of Texas. House Bill 4765 extends relief to those businesses that continue to provide Texas with a healthy economic environment.
Small businesses are part of the economic engine that keeps our state moving forward Rep. Larry Taylor Chair of the House Republican Caucus said. This bill will give $172000000 tax relief directly to small businesses in Texas providing true economic stimulus.
