Senators Consider Ditching Business Franchise Tax
It’s only been a week since Lt. Gov. Dan Patrick unveiled a plan to spend $4.6 billion on cutting property and business taxes.
But as a key committee prepares to hear public testimony on taxes Wednesday, the shape and size of that plan is being challenged, with several lawmakers expressing interest in spending billions more toward ending the unpopular margins tax on businesses entirely.
“Members, this is the ideal moment to do this,” state Sen. Craig Estes, R-Wichita Falls, told the Senate Finance Committee on Tuesday, while urging to support his legislation repealing the margins tax, which businesses pay on their gross receipts. He suggested the state's current budget surplus would give lawmakers the room to work out how to thrive without the tax. “I’m telling you we can work it out.”
The Finance Committee is set to hear from members of the public Wednesday on 32 tax relief measures, including four that Patrick has highlighted as the focus of his tax relief efforts. Along with measures aimed at the franchise tax, the committee is looking at bills to cut property taxes, sales taxes and taxes on fireworks.
Read more: http://www.texastribune.org/2015/03/03/senators-consider-ditching-business-tax-entirely/
