Gov Perry signs Business Tax Break Bill Authored by Sen Patrick
Perry signs tax cut bill for businesses
Associated Press - June 16, 2009 7:05 PM ET
HOUSTON (AP) - Gov. Rick Perry today signed a bill giving a tax break to about 40,000 small businesses in Texas.
Perry signed the measure in Houston -- beneath the corrugated ceiling of AB Ladder.
The bill extends a tax exemption to Texas business owners making up to $1 million in annual revenue.
Under the previous law, only companies making less than $300,000 annually were exempt.
The tax cut is estimated at $172 million over two years and goes into effect Jan. 1.
Perry says the measure is part of the state's effort to stimulate job growth by helping employers hold on to more cash.
Suzy Voss, who owns the business where the signing ceremony took place, says the extra money will go toward fixing damage to her 50-year old building from Hurricane Ike.
The bill was supported by both Republicans and Democrats in the Legislature.
