A more-simple franchise tax bill — one that replaces tax cuts for specific industries with a small across-the-board reduction for all businesses — is advancing towards a vote in the Texas Senate.
Sen. Glenn Hegar, R-Katy, said Thursday that it would be impossible to pass the complicated version of House Bill 500, the primary vehicle for reforming the franchise tax, during the final days of the session. Sometimes called the margin tax, the state franchise tax is Texas’ main tax on businesses.
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