AUSTIN (January 12, 2014) As many as 26,000 companies statewide, or almost one in four across Texas, will save on taxes this year thanks to a major new deduction that the Legislature passed last year, softening what small business owners used to call "the cliff" for the franchise, or business margins, tax.
Since 2006, earning anything more than $1 million in gross annual receipts suddenly meant a tax bill for businesses that shot from zero to thousands of dollars.
But the cliff is now something of a slope.
Businesses making between $1 million and $3.3 million in gross receipts in 2014 will face a more gradual tax bill. but critics note that the change will mean less state revenue for things like public schools.
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