Senate Passes Revised Margin Tax Corrections

HB 3928, the technical corrections bill for the revised franchise tax passed the Senate Friday with amendments that eliminated the gross receipts tax poison pill but allows entities with $10 million or less in revenues to choose to pay an alternative franchise tax equal to 0.575% of total revenue.  Another amendment changed the small business tax advisory commission to the business advisory commission.  The bill does retain a provision requiring combined groups to provide information reports on the Finnigan method of apportionment although the Joyce method is retained for the tax calculation.  Rumor is strong that the House will concur with the Senate passed bill.  Click here for a summary of the bill as passed by the Senate.

Comments

[Mike Gregory]

Need a clarification. Your headline indicates an alternative rate of .0575%, while your summary indicates .575%. Which is correct