The cut in the Texas franchise tax will finally have its resolution on Wednesday as the Senate Finance Committee tackles this issue that could save Texas companies from billions of taxes each year.
The Texas business tax was created in the year 2006. It was also called margins tax. This applies for companies that make $1 million on annual revenue.
The House Bill 32, which was passed by the finance committee, will provide the businesses a 25% tax cut across the board. As per Senator Jane Nelson, the tax cut will enable businesses to grow in the state of Texas.
Read more about Texas set to cut its most despised business tax