TTARA Tax Update Webcast Scheduled for September 16th TTARA will host a webcast at 10:00 a.m. on September 16, 2011, lasting no more than an hour. During the webcast we will discuss recent developments in state and local tax issues in Texas. In particular, we will review: ●the current status of state finances (having closed…

New Year’s Eve in Texas One of the problems the legislature faced this past session was the prospect of a $4.3 billion deficit when the books closed on 2011. The projected deficit was reduced to zero through a combination of spending cuts and money from the state’s Rainy Day Fund. Thanks to a rebounding economy,…

First Revised Franchise Tax Challenge Lawsuit Filed The first lawsuit has been filed against the state concerning the constitutionality of the revised franchise, or margins, tax (which has been in full effect for the past three years). Allcat Claims Service, L.P. filed their claim on July 11 directly before the Supreme Court (the original legislation…

June 28, 2011 Few Surprises in the Final (?) Fiscal Package The conference committee report on Senate Bill 1, the omnibus “fiscal matters” bill, was released yesterday (an analysis of the 262 page bill is available on TTARA’s website), representing the final piece, for now, of the state’s budget package. If all goes as the…

June 17, 2011 TTARA Update from the Tax Front With only 12 days remaining in the Special Session, conference committees on major bills have been appointed and the work to reconcile differences between the House and Senate will begin in earnest next week. Listed below is the status of the bills TTARA is following. SB…