Gov. Perry proposes tax relief for Texas businesses - KYTX CBS 19 Tyler Longview News Weather Sports

Gov. Perry proposes tax relief for Texas businesses

Posted: Updated:

(AUSTIN) - Gov. Rick Perry announced a four-point plan to provide nearly $1.6 billion in tax relief to all Texas businesses currently subject to the state's franchise tax. The governor was joined by lawmakers, the Texas Association of Business (TAB), National Federation of Independent Business (NFIB) and Texas Conservative Coalition Research Institute for the announcement.

"By cutting taxes for Texas businesses, we are helping job creators in our communities and promoting economic growth across the state," Gov. Perry said. "Businesses that keep more of their money can pass savings on to consumers, hire more workers, offer greater employee benefits or reinvest it into their companies and grow their business - all of which are good for Texans and our growing economy."

Gov. Perry's plan would reduce business taxes by:

Reducing the franchise tax rates by 5%

Providing a $1 million deduction for businesses with revenue up to $20 million

Lowering the rate for EZ Form filers

Giving companies relocating to Texas from out of state a one-time deduction of moving expenses in the first year they pay the franchise tax

Gov. Perry's business tax relief plan would also have the effect of making permanent the current small business tax exemption. That exemption currently impacts 29,000 businesses and is set to expire in 2014.

"Business is the economic engine of our state and Gov. Perry's plan will only serve to fuel that engine," TAB President Bill Hammond said. "Government doesn't create prosperity, business does. By reducing the tax burden on Texas businesses, businesses will keep hiring more workers, reinvesting in their companies and driving the economic success of our state."

"Gov. Perry's tax relief proposals will go a long way in helping entrepreneurs and smaller businesses grow during this period of economic recovery," NFIB Texas Executive Director Will Newton said. "These four specific points demonstrate an understanding of the kind of relief small business owners have said they want. We applaud the governor's willingness to prioritize economic development and provide relief to our state's job creators."

  • Local NewsMore>>

  • Tyler Police searching for early morning robber

    Tyler Police searching for early morning robber

    Tyler Police searching for early morning robber

    Monday, April 21 2014 5:53 PM EDT2014-04-21 21:53:35 GMT
    Tyler Police need your help finding an early morning robbery suspect. A woman says a robber tackled her to the ground and stole her purse. More >>
    Tyler Police need your help finding an early morning robbery suspect. A woman says a robber tackled her to the ground and stole her purse. More >>
  • Cherokee County woman found dead in driveway, husband charged with murder

    Cherokee County woman found dead in driveway, husband charged with murder

    Monday, April 21 2014 5:31 PM EDT2014-04-21 21:31:33 GMT
    Cedric Dewayne ThompsonCedric Dewayne Thompson
    CHEROKEE CO. (KYTX) - On Sunday April 20, 2014 at approximately 9:35am Kayla Nicole Thompson (27 years of age) was found deceased in the driveway of her residence, located in the 1500 block of County Road 3201 just West of Lake Jacksonville.More >>
    CHEROKEE CO. (KYTX) - On Sunday April 20, 2014 at approximately 9:35am Kayla Nicole Thompson (27 years of age) was found deceased in the driveway of her residence, located in the 1500 block of County Road 3201 just West of Lake Jacksonville.More >>
  • ETX Deacon arrested for 1981 Pennsylvania homicide

    ETX Deacon arrested for 1981 Pennsylvania homicide

    Monday, April 21 2014 4:34 PM EDT2014-04-21 20:34:38 GMT
    HARRISBURG, PA. (KYTX) - U.S. Marshal Martin J. Pane announced today the U.S. Marshals Service arrested a Pennsylvania fugitive in Texas who was wanted for more than 30 years on a 1981 murder charge.More >>
    HARRISBURG, PA. (KYTX) - U.S. Marshal Martin J. Pane announced today the U.S. Marshals Service arrested a Pennsylvania fugitive in Texas who was wanted for more than 30 years on a 1981 murder charge.More >>
Powered by WorldNow

CBS19, MYTX & KCEB
2211 ESE Loop 323
Tyler, TX 75701
Phone (903) 581-2211
Fax (903) 581-5769

Powered by WorldNow
All content © Copyright 2004 - 2014, WorldNow and KYTX, Owned and Operated by London Broadcasting Company.
All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.