Texas Senate Proposes Tax Code Changes

On Tuesday, February 24, the Texas Senate unveiled its proposed tax relief package worth approximately $4.6 billion.  Among the changes proposed by the Senate are Senate Bills 7 and 8, both of which would affect the Texas franchise tax.  Senate Bill 7 would permanently reduce the franchise tax rate from 1% to 0.85% (and from 0.5% to 0.425% for wholesalers and retailers).  Senate Bill 8 would expand the no tax due threshold from $1 million in Total Revenue to $4 million in Total Revenue.   You can track the progress of these bills at the Texas Legislature Online website.

2016-11-23T15:01:51+00:00

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