“Competition is good for everybody!” – Allen
Texas legislature passes tax cuts for businesses
by Corrie MacLaggan | Reuters
AUSTIN, Texas, May 27 – Texas lawmakers sent Governor Rick Perry more than $1 billion in proposed business tax cuts shortly before the end of the biennial legislative session on Monday.
The tax-cut package – the final piece of which was approved by the House and Senate late on Sunday – includes an extension of a business franchise tax exemption for small businesses and a rate cut for businesses of all sizes.
The Republican-majority legislature also approved about $300 million in electricity rebates.