Texas Governor Signs Business Tax Cuts Into Law

Last Monday, Texas Governor Greg Abbott signed a $2.56 billion bill cutting the franchise tax rate paid by businesses by 25 percent.  The bill, House Bill 32, by state Rep. Dennis Bonnen, R-Angleton, was endorsed by CompTIA (formerly TechAmerica) and signed by Abbott at the Austin office of AMD, a California-based chipmaker.  The Governor also signed three other bills Monday related to a $3.8 billion tax relief deal reached near the end of this year’s legislative session, including Senate Bill 1, which will cover the loss of tax revenue by school districts if Texas voters approve raising the homestead exemption by $10,000 in November.

For more information visit: http://gov.texas.gov/news/signature/21043 or contact Sarah Matz at smatz@comptia.org.