When compared to many other states in the country, Texas is often seen as a state that is friendly with regard to taxes for both businesses and individuals — we often don’t have to deal with taxes that residents of other states do. Some lawmakers are seeking to increase that benefit in 2015 by repealing nine taxes in the state.
The taxes lawmakers are considering dropping include what have been called out-of-date or archaic taxes on businesses or residents. One example is the bingo rental tax. The Texas Comptroller says that repealing out-of-date taxes helps create more efficient agencies to serve individuals in Texas. A lot of work maintaining paperwork is related to the taxes, and the Comptroller feels those costs would be better suited elsewhere.
In addition to the bingo rental tax, the taxes being considered for repeal include the sulphur tax, fireworks tax, oil regulation tax, combative sports admissions tax, airline and train beverage tax, controlled substance certificates tax, inheritance tax and liquefied gas tax. The tax repeals are being considered in six separate bills introduced to the state legislature.
According to news reports, the Comptroller’s plan to repeal these nine taxes has support among both of the Texas legislative houses. Leaders for both houses issued statements about the repeals, stating that the plan created efficiency and helped reduce obstacles to job creation and growth in the state.
The repeals won’t impact every citizen of the state, as many of these taxes are quite specific. However, keeping up with tax law changes is important for everyone, and essential for businesses. Understanding what laws change each year helps you plan for taxes and avoid surprising tax burdens.
Source: KETK, “Texas legislators file 9 bills to eliminate some taxes” accessed Feb. 27, 2015