80° F
79° F
Partly Cloudy
Partly Cloudy
San Angelo
78° F

Texas business group offers tax cut suggestions

Published On: Jan 16 2013 11:44:28 AM CST
Updated On: Jan 16 2013 11:48:29 AM CST
83rd Legislature
AUSTIN, Texas (AP) -

A top state business organization has presented a proposal on how it wants to see Texas cut taxes.

An improving economy has sparked a sunnier budget outlook. Gov. Rick Perry has urged the state Legislature to lower taxes while holding down government spending.

The Texas Association of Business offered Wednesday its suggestions for "tax relief."

It would like to make permanent a temporary exemption from the state business tax for firms making less than $1 million.

The group also wants lawmakers to let businesses exempt from taxation their first $1 million in gross receipts and decrease the quarterly franchise tax rate by a quarter percent.
Its plan would also create a research and development tax credit and exempt the purchase of things like college textbooks and computers from sales tax.