Texas-Sized Tax Cut: Governor Abbott Signs Total Relief Tax Package Of $3.8 BillionWhen a state success story is as big as Texas' is, the good news needs sharing beyond the immediate borders. When an already business-friendly state becomes even more hospitable to growth and innovation, that message needs to go worldwide. That's exactly what Texas Governor Greg Abbott plans to do in the coming months. Already playing from a position of strength, the governor shored up Texas' positive reputation even further this week, by securing a
new business tax cut. In the legislative session that ended in Austin last week, legislators approved a
25 percent reduction in the state business franchise tax.
Of course, this newly approved cut is not the only economic enticement luring new businesses to Texas. The Lone Star State levies no personal income tax and no corporate income tax. Additionally, the franchise (or "margins")
tax will be cut by $2.56 billion over the next two years, according to Governor Abbott.
Texas is also making new investments in roads and education.
In a legislative-session recap for reporters, the Governor told reporters, "When you consider what we achieved during this session, as well as the challenges other states are facing, I think we have a tremendous opportunity to capitalize on our current position."
Beginning in July, Abbott will begin a series of strategic trips around the United States with the goal of closing economic development deals with corporate leaders. Rather than stick Texas taxpayers with the bill, Abbott will pay for the travel with money from the nonprofit TexasOne, a group that his gubernatorial predecessor (and now 2016 presidential hopeful) Rick Perry helped create.
Read more at
http://www.forbes.com/?/texas-sized-tax-cut-governor-abbot?/
