News coverage of the proposed business tax

Groups are taking sides now that the proposed new business tax is in its presumably final form. Texas Tax Reform Commissioner John Sharp sent a letter to legislators yesterday attacking those who’ve already gone on record opposing the new business tax, serving warning that he will aggressively campaign for the Commission’s recommendations. Click here for today’s Austin-American Statesman story.

What are the chances for the Sharp proposals? The Fort Worth Star-Telegram points out in this story that the Big 3 (Perry, Dewhurst and Craddick) are still not on the same page, each giving statements that closely resemble direct contradictions.

Will this Special Session just be more of the same? Click on the COMMENTS link below to tell us what you think.

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3 Responses to News coverage of the proposed business tax

  1. Steve Metzenthin says:

    Limited Liability Partnerships provide only a limited shield, which the commission seems not to have considered. They are not like a limited partnership. Why wouldn’t the large law firm LLP’s (or any LLP’s for that matter) convert back to non-LLP general partnerships? They would be exempt under the provision exempting general partnerships with non-corporate ownership from paying the new tax. The tax savings could pay for some type of indemnity protection or self-insurance.

  2. Bob Owen says:

    The Tax Reform Commission proposed revised franchise tax does tax all businesses that operate in Texas, except single proprietorships and general partnerships and it does have a small business exclusion for all businesses with receipts of $300,000 or less.

  3. E ADKINS says:

    Any business tax should include all businesses (those that operate in Texas but report income in other states, like GM) There should be an exclusion for small business, for example those with gross receipts under 250,000.

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