AUSTIN – Lt. Gov. Dan Patrick issued this statement today following the passage of Senate Bill 17 – Franchise Tax Reduction, by Senator Jane Nelson, (R – Flower Mound):
“During the 2015 Legislative Session we reduced the franchise tax by 25% – a major cut, saving Texas businesses nearly $2.5 billion dollars. This year, despite a tighter budget, our goal is to continue to chip away at the franchise tax until it is eventually eliminated completely. That’s why today, I’m proud to announce that SB 17 passed the Senate. That’s good news for business and it’s good news for Texas.
“I commend Sen. Nelson for passing this important bill that will help us keep the Texas economy vibrant and competitive.”