King Files Bill Permanently Extending Small Business Tax Exemption

January 3, 2011

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State Representative Phil King (R-Weatherford) this week filed HB 476, a bill that will protect small businesses in Texas by permanently extending the small business franchise tax exemption.

“Protecting small business in Texas is essential to ensuring Texas remains the number one place in the United States to do business,” King explained, “Failing to permanently extend this tax exemption for small businesses would stifle the pro-business climate of the state and discourage investment.”

HB 476 will make permanent the franchise tax exemption for businesses that have $1 million in total revenue or less. This exemption is set to expire on December 31, 2011. King was a co-author of the original legislation, HB 4765 in 2009. The Texas Legislature will convene for its 82nd Legislative Session on January 11, 2011.