The major pieces of the state budget puzzle slid into place Sunday as the 83rd legislative session neared its close.
The Texas House approved the 2014-15 budget bill and sent it to Gov. Rick Perry on a vote of 118-29, a lopsided vote that belied the teeth-gnashing and nail-biting over the past few weeks as budget-writers crafted the final deal.
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Business tax breaks
$714 million franchise tax cut
- Cuts the tax rate for the franchise tax, commonly called the margins tax, by 2.5 percent in 2014 and 5 percent in 2015.
- Makes permanent a $1 million exemption for small businesses that have less than $1 million in gross receipts.
- Allows businesses to deduct up to $1 million in expenses once they pass $1 million in gross receipts.
$239 million in tax incentives for research and development
$100 million to encourage investment in cable TV, Internet services and telecommunication equipment
$14.6 million for large data centers.