Although the committee substitute to HB 3928, the margin tax technical corrections bill, does not include changing the apportionment system from Joyce to Finnigan, it does include provisions that required combined groups to report information as though Finnigan was in place. Even though it is information only and does not affect the franchise tax calculation, some businesses are opposed to the reporting requirement. Dale Craymer with Texas Taxpayer and Research Association testified against the version of HB 3928 that called for apportionment using the Finnigan method. Mr. Craymer has written a one page explanation of why even reporting information using Finnigan is inappropriate. Check it out here.
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May 17, 2007
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I'm hearing Sen. Ogden is still trying to get Finnigan passed -- this time by holding a popular tax-elimination bill, HB 735, hostage. (HB 735 was the only bill not voted out of Senate Finance Committee on Saturday, May 19.) HB 735 would eliminate the Telecommunications Infrastructure Tax that no longer goes toward what it was established to fund. Senators rejected Ogden's effort to do this same maneuver the other night on the Senate floor -- but it looks like Ogden is still looking to find a way to get his hands on $180 million a biennium...
Posted by: Phil Mandrack | May 19, 2007 at 01:46 PM
Ogden gave up on Finnegan being staisfied with keeping the requirement for taxpayers to report Finnegan data. He let the TIF elimination bill out of the Finance Committee and it passed the Senate with one amendment that will require House concurrence.
Posted by: Bob Owen | May 24, 2007 at 11:41 AM