Legislature doesn’t go with Perry’s proposed $1.6 billion business tax cut [View all]
Gov. Rick Perry’s $1.6 billion tax cut proposal for businesses had a shelf life of about three days.
On April 15 — the deadline for filing federal income taxes — Perry announced his four-point tax plan to cut franchise taxes for 109,000 Texas businesses as part of his promise in January to deliver $1.8 billion in unspecified tax cuts.
Three days later, the House tax-writing committee approved a bill that deleted the major provision Perry had borrowed from existing legislation for his “tax day” news conference because, at $1.6 billion, it would cost too much.
That is not to say tax cuts are dead, but it seems certain the makeup of those cuts will look very different from what Perry laid out at his news conference. Perry solely targeted the franchise tax — his creation in 2006 — which has become controversial among small-business owners.
More at http://www.statesman.com/news/business/legislature-doesnt-go-with-perrys-proposed-16-bill/nXZ4F/ .
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