Source: Reuters – Tue, 28 May 2013 01:00 AM

Author: Reuters

By Corrie MacLaggan

taxcuts increase profitsAUSTIN, Texas, May 27 (Reuters) – Texas lawmakers sent Governor Rick Perry more than $1 billion in proposed business tax cuts shortly before the end of the biennial legislative session on Monday and the governor called a special session to address redistricting.

The tax-cut package – the final piece of which was approved by the Republican-majority legislature late on Sunday – includes an extension of a business franchise tax exemption for small businesses and a rate cut for businesses of all sizes.

Perry, a Republican, had called on lawmakers to pass tax relief for businesses. Thirty-five states are taking up tax reform in their current legislative sessions, according to a recent survey by the National Conference of State Legislatures.

On Monday, as lawmakers were wrapping up a session that began in January, Perry announced that a special session would begin Monday evening to consider adopting as permanent the interim redistricting plan ordered by a federal district court for elections for the Texas House and Senate as well as the U.S. House of Representatives.

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