Texas House to debate franchise tax cut that would hit public schools
The Texas House will debate a tax phase-out on Thursday that would likely thrill business owners while cutting funds for public schools. House Bill 28, authored by state Rep. Dennis Bonnen, R-Angleton, would cut the unpopular “franchise tax” paid by businesses. The proposal would not reduce the tax during the current penny-pinching legislative session, but it would do so in future years. Ultimately, Bonnen’s proposal seeks to eliminate the franchise tax, which brings in nearly $8 billion every two-year budget cycle, altogether. According to the Texas Comptroller’s office, about $1.8 billion of that money goes to the Property Tax Relief […]
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Source: Community Impact- Round Rock