LANGUAGE: ENGLISH / ESPAÑOL
Seal of the Senate of the State of Texas Welcome to the Official Website for the Texas Senate
Seal of the Senate of the State of Texas
Welcome to the official website for the
Texas Senate
 
Senator Jane Nelson: District 12
Senator Jane Nelson
P.O. Box 12068, State Capitol
Austin, Texas 78711
Tel. (512) 463-0112
News Release
FOR IMMEDIATE RELEASE
May 20, 2015
Contact: Megan Hanson
512-463-0112
SENATE FINANCE COMMITTEE APPROVES FRANCHISE TAX RELIEF BILL

AUSTIN – The Senate Finance Committee today approved HB 32, the companion to SB 7 by Texas State Senator Jane Nelson, R-Flower Mound, to provide $2.56 billion in franchise tax relief for Texas businesses.

"For our economy to continue to thrive, for businesses to grow and for jobs to be created, we have to support our businesses," said Senator Nelson. "This is a smart investment, not just for our economy but also for young Texans to grow up in a state with jobs and opportunities."

The committee substitute for HB 32, by Representative Dennis Bonnen, R-Angleton, reduces the franchise tax by 25 percent, increases the revenue threshold for businesses to use the E-Z rate from $10 million to $20 million and reduces the E-Z rate from .575 percent to .331 percent. The bill will now move before the full Senate.

SENATOR JANE NELSON represents District 12, including portions of Denton and Tarrant counties. She is chair of the Senate Finance Committee and the highest ranking Republican in the Texas Senate.

###