TPPF statement on the Texas House’s $4.9 billion tax cut package
Today, the Texas House passed a $4.9 billion tax-cut package, which includes House Bill 31 and House Bill 32. HB 31 cuts the state’s sales tax rate from 6.25 percent to 5.95 percent and puts in place a mechanism to use funds to further cut the rate in the future at a potential savings to taxpayers of $2.31 billion. HB 32 lowers the business franchise tax rates by 25 percent, raises the cap to $20 million to file an EZ form at a lower rate, requests a study on full repeal of the margin tax, and puts in place mechanisms to eventually phase out the tax at an additional savings to taxpayers of $2.56 billion.
Press Release April 29, 2015