Texas Lawmakers Advance Business Tax Cut Bill

Law360, Houston (May 22, 2013, 10:13 PM EDT) -- Texas lawmakers on Tuesday approved legislation that will reduce state business tax liabilities by $600 million and impose a permanent exemption from the tax for companies with annual revenues below $1 million.

The Texas Senate passed H.B. 500, which permanently raises the floor for the franchise tax to exempt businesses that make less than $1 million in revenue and implements a two-year, 5 percent across the board tax cut for all businesses in Texas, regardless of size.

"It's simple, equitable, and these provisions will deliver meaningful...
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