Franchise Tax

Politics
7:12 am
Wed May 8, 2013

Franchise Tax Bill Gains Final Approval From Texas House

Rep. Harvey Hilderbran answers questions from Rep. Sylvester Turner, behind the wooden abacus, during a Texas House debate on May 7, 2013.
Veronica Zaragovia for KUT News

Update (2:51 p.m on May 8, 2013): The full Texas House has passed the measure, 117 to 24, after a final vote on Wednesday, May 8, 2013.

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2013 Legislative Session
7:17 am
Tue May 7, 2013

Bill Offering More Breaks From Franchise Tax Hits House

Liang Shi for KUT News

The Texas House will take up what is likely to be its most sweeping attempt at tax reform this year on Tuesday, though for some critics, it doesn’t go far enough.

Lawmakers have been waiting for weeks for House Bill 500, from state Rep. Harvey Hilderbran, R-Kerrville, to reach the floor. The bill would spend nearly $400 million to reduce the burden of the state's franchise tax on businesses, also known as the margins tax. Along with addressing how the tax applies to a handful of industries, the bill would make permanent a popular provision that exempts businesses with less than $1 million in gross receipts from paying the tax annually. The provision is set to expire next year.

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