Texas businesses and companies are now celebrating as the Senate Finance Committee has finally cut down the margins tax, Texas’ most hated and controversial tax. The margins tax was originally made in 2006 to help property tax cut budgets. However, the tax ended up causing companies with above $1 million pay revenue to lose a lot of money in the process.
The actions of the Senate Finance Committee on Wednesday enabled the passing of House Bill 32 that would allow the government to cut 25% to the current franchise tax. It is expected that the move of the Senate would improve the economy of the region and create more jobs.
Watch the video about Texas set to cut its most despised business tax