TOMORROW: TPPF’s Dr. Vance Ginn to Testify on Franchise Tax before Texas Senate Finance Committee

AUSTIN – Texas Public Policy Foundation’s Economist Dr. Vance Ginn will testify before the Texas Senate Finance Committee TOMORROW, Tuesday, February 28, at 9:00 a.m. CDT in room E1.036of the Texas State Capitol. Dr.Ginn will focus his remarks on Senate Bill 17, relating to decreasing the rates of the franchise tax until it is eliminated, and Senate Bill 142, related to simplifying the determination of the cost of goods sold in computing the franchise tax.

            “Given the substantial compliance costs and devastating nature of the business franchise tax, the Foundation’s research finds that the best path forward for Texas is to eliminate it,” said Dr. Ginn. “By simplifying the franchise tax’s complex calculations and assuring reductions in its tax rates, Texas can be more competitive with other states and generate higher personal income and create more jobs than otherwise so Texans have ample opportunities to prosper.”