Posted on Tuesday, June 29th, 2010 at 7:01 pm.
Texas legislators have said that the small business tax credit may be changing due to the state’s shortfall in their budget for the two-year period.
The chairman from the House Ways and Means Committee have said that keeping the tax exemption how it is will be very difficult. In 2009, the Legislature exempted business that made less than $1 million in revenue from paying taxes.
This allowed nearly 40,000 new business to be exempt from taxes, which cost the state a lot of capital this fiscal year. Prior to this, the cutoff was at $300,000.
If you have questions regarding the financial aspect of your small business, contact the Austin small business accountants today.