Small Business? Here's your Tax Break!

According to the Houston Chronicle, companies that reside in the state of Texas will continue to enjoy their tax exemption and the only catch is that annual revenues have to be lower than 1 million dollars. That's what our Texas Legislature has passed this past Tuesday when it was lobbied by the National Federation of Independent Business/Texas (NFIB/Texas). Citing that this bill would help small businesses "keep their doors open" as well as promoting a business friendly atmosphere for those wanting to jump start their own businesses. This extension will last until 2013 and the NFIB/Texas hopes that once that extension expires, that someone can come up with a "better" tax formula that helps the common businessman. Other interesting things in this article is online retailer Amazon may have to charge you, a resident Texan, another tax on top of the sales tax on online purchases. This is due to another passed provision stating that all companies who own at least 50% of a business in Texas must collect a state and local tax from its residents. That means we will have to pay more for those cheap textbooks that we order from Amazon, if Amazon can't get around this provision. This article is worth the second read as it show what our local government is trying to do to raise funds to pay off the debt that they accrued (Think about the money cuts towards education). Its nice to know that we aren't the only ones being affected.