New Tax Plan Will Hurt IT, Pharma Vendors In Texas
Law360, New York (April 21, 2016, 1:44 PM EDT) -- Stephen P. Kranz
Nicole R. Ford
The Texas Comptroller of Public Accounts recently proposed amendments to 34 Tex. Admin. Code 3.584 relating to the reduced rate available under the Texas Franchise Tax for retailers and wholesalers. These proposed revisions, which appear to formalize elements of informal guidance issued in August of 2015, have the potential to substantially impact a great number of businesses, specifically in the information technology and pharmaceutical industries.
The Texas franchise tax is imposed on taxable business entities, including corporations, partnerships and limited liability companies, doing business in the state of Texas. The generally applicable tax...
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