The Texas Senate today approved SB 17 by Texas State Senator Jane Nelson, R-Flower Mound, to phase out the franchise tax over time if sufficient revenue is available.
“There is widespread support to eliminate the franchise tax, which hinders the ability of Texas businesses to grow and prosper. As a business person who paid this tax, I know how complicated and burdensome it can be – especially on small businesses,” Senator Nelson said. “This legislation responsibly phases out the franchise tax while ensuring we retain the revenue necessary to meet the needs of our state. Our economy is healthier when businesses have fewer burdens and are free to grow.”
Specifically, SB 17 reduces the franchise tax every biennium if the Comptroller certifies that the state will experience at least 5-percent revenue growth. It dedicates half of general revenue-related funds over the 5-percent growth to reducing the franchise tax rate.
SB 17 now moves to the House for further consideration.
State Senator Jane Nelson, R-Flower Mound, today announced $10 million in funds from the General Appropriations Act, SB 1,will be distributed to a local nonprofit, Ranch Hands Rescue, and dedicated to supporting survivors of human trafficking.Read More