Texas Business Group Offers Tax Cut Suggestions

AUSTIN (January 16, 2013)—The Texas Association of Business Wednesday presented a proposal on how it wants to see the Texas Legislature cut taxes.

An improving economy has produced a sunnier budget outlook for the state, and Gov. Rick Perry has urged the Legislature to lower taxes while holding down government spending.

The association said Wednesday it would like to make permanent a temporary exemption from the state business tax for firms making less than $1 million.

The group also wants lawmakers to let businesses exempt from taxation their first $1 million in gross receipts and decrease the quarterly franchise tax rate by a quarter percent.

Its plan would also create a research and development tax credit and exempt the purchase of such things as college textbooks and computers from sales tax.

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