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TSCPA's State Taxation Committee wrote a letter to Comptroller Combs disputing her assertion that a beginning inventory should not be allowed in the COGS calculation under the new margin tax.
TSCPA's feedback - and that of several other groups - was apparently taken to heart, because the Comptroller has reversed her position.
Read TSCPA's analysis here (member login required).
Whether or not the Speaker of the House controversy will affect local elections or not seems to depend on your point of view, but there is no doubt the local elections will influence the Speaker's race in the next legislature. With Craddick having something less than a 12-vote margin in the existing House, it wouldn't take too much change to upset the current House leadership.
There are 150 seats in the House. 72 of those seats have contested general elections and 40 have contested primaries. Check out Gary Sherrer's analysis in the San Antonio Express-News.
It seemed like a long time into the future when the Texas Legislature passed the revised franchise tax - affectionately known as the margin tax - to take effect in 2008. Well the future is here and State Comptroller Susan Combs will soon be collecting the first revenues from the revised tax. According to the NFIB, many taxpayers remain unaware of what's coming.
The Houston Chronicle published a timely article warning the uninformed: the taxman cometh and he cometh where he has not gone before.
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