TAB Strongly Supports Governor’s Business Tax Cut Plan
AUSTIN, TX— Governor Rick Perry’s four point tax cut plan for businesses will mean more jobs and a stronger economy for Texas, according to Texas Association of Business President and CEO Bill Hammond.
“We are excited that included in the Governor’s plan is a $1 million deduction for businesses grossing $20 million or less,” said Hammond. “That deduction, and the overall reduction in franchise tax rates in the tax plan, will save every business in Texas money. This initiative by the Governor will lead to more jobs and a much stronger Texas economy.”
Hammond also praised the idea of adding a new incentive for companies to move to Texas. “The one-time moving expenses deduction for businesses coming here from out of state will be just one more tool that Texas can use to import new jobs. When you take steps to lower the tax burden, and at the same time offer one more incentive for a business to move here, by allowing them to deduct their moving expenses, there aren’t many reasons why a company wouldn’t want to set up shop in the Lone Star State.”
Hammond said that this is only a beginning for tax relief, as more efforts are certainly on the way. “Governor Perry assures us that this $1.5 billion plan is just the first part of his larger plan to reduce the overall tax burden on Texans by $1.8 billion,” said Hammond. “It is a sign of strong leadership by the Governor to make this proposal, knowing the huge and positive impact that it will have on the Texas economy, helping everyone who lives here, or will move here because of these tax cuts and incentives.”
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Founded in 1922, the Texas Association of Business is a broad-based, bipartisan organization representing more than 3,000 small and large Texas employers and 200 local chambers of commerce.