Representative Jim Murphy, who co-chaired an interim State Taxation Task Force along with Senators Ken Paxton and Dan Patrick, has filed legislation to phase-out the franchise tax on Texas businesses.
House Bill 716Â would phase-out the franchise tax, freeing businesses from burdensome cost and compliance issues. Â According to a Beacon Hill Institute study, the state could benefit from tens of thousands of new jobs & billions in investment. Â
Senator Ken Paxton, along with Senator Dan Patrick, has filed legislation to phase-out the franchise tax on Texas businesses, a key recommendation of the TCCRI State Taxation Task Force, which the two co-chaired along with Representative Jim Murphy.