Gov. Rick Perry speaks at last month's Texas Faith and Family Day Rally at the Capitol in Austin (AP Photo/Austin American-Statesman, Deborah Cannon)
Gov. Rick Perry has endorsed a broader tax cut for businesses this session than GOP lawmakers have yet embraced: He wants to exempt most businesses, not just small ones, from paying state business-franchise tax on the first $1 million of gross receipts.
And he wants a slight reduction in the two rates charged for businesses that itemize, and a larger rate cut for businesses that don?t itemize and file the EZ return. Perry also would let businesses that move to Texas deduct their moving costs.
?Money does more good in the hands of taxpayers than it does in the hands of government,? Perry said, announcing the business tax cut proposals at the Austin Chamber of Commerce.
He said the package would cost nearly $1.6 billion over the next two years. Perry deputy chief of staff Mike Morrissey said the Republican governor would prefer for the tax cuts to be paid for from available general-purpose state revenue, although some could be financed by drawing down rainy-day dollars.
All of the 100,000 Texas businesses paying the franchise tax would receive some relief, Perry said.
?This is about making Texas be more competitive,? he said. ?Our neighbors, they?re not sitting on their laurels,? Perry said, mentioning Louisiana Gov. Bobby Jindal?s push to eliminate his state?s personal income tax.
?The idea that we can just sit here and ? stay at the top of the heap is not correct,? Perry said. ?The regulatory and tax climate ? still has to be looked at ? often. And that?s what this does.?
Source: http://trailblazersblog.dallasnews.com/2013/04/perry-endorses-broader-business-tax-cut.html/
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