September 26, 2020

Rambler Newspapers

Serving Irving, Coppell and Grand Prairie

Texas businesses could receive some tax relief

Irving businesses could see some relief if Governor Rick Perry signs a bill to cut business franchise taxes.
If approved, the bill could offer about $710 million in tax relief to businesses in the state. In late May, the Texas Legislature passed House Bill 500, which exempts business that make less than $1 million from paying the margins tax. The bill also guarantees a $1 million deduction to all businesses and slashes the tax rate by 2.5 percent each of the next two years.
“Any cuts in taxes is ‘good business’ for our local businesses (large and small),” said Chris Wallace, president and CEO of the Greater Irving-Las Colinas Chamber of Commerce. “Our Chamber continues to advocate for pro-business legislation to reduce heavy regulatory or unfair tax burdens on businesses.

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