Texas business group offers tax cut suggestions

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Associated Press

Posted on January 16, 2013 at 2:02 PM

Updated Wednesday, Jan 16 at 2:02 PM

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.

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