FARMERS BRANCH, TX (May 21, 2013) A revised version of Texas House Bill 500 provides nearly $1 billion in tax relief for Texas businesses, but has no provisions that are harmful to credit unions after the Texas Credit Union League lobbied a Senate subcommittee to remove amendments from the bill.
HB 500 was recently amended on the House floor to require a periodic review of state tax exemptions, the Texas Credit Union League said Friday (The Advocate May 17). Under the amendment, the state franchise tax exemption would have been subject to ongoing review. After additional amendments were added to the bill, it was sent to the Senate.
As soon as that legislative action occurred, the league began lobbying members of the Senate to gain their support for removal of the provision. A Senate subcommittee removed all amendments from the bill Thursday. In its revised form, the bill now provides tax relief for Texas businesses, but protects credit unions and other entities with the exemption.
However, it’s still possible for lawmakers to amend the bill on the state Senate floor and the league will remain on guard, said Jim Phelps, political and grassroots director for the league.continue reading »