Texas Businesses to Benefit From Tax Cut

AUSTIN, Texas (AP) _ Small businesses would get a $172 million tax cut over the next two years under legislation that has passed the Texas Senate.

Under current law, companies making less than $300,000 in annual revenue are exempt from paying the state franchise tax.

The bill approved by the Texas Senate would boost the exemption to $1 million for the next two years, taking about 40,000 businesses off the tax rolls.

The bill by Sen. Dan Patrick, R-Houston, now heads back to the Texas House, where a competing version has passed.

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