Bills Filed Seeking To Change Revised Franchise Tax

As revenue for the state's revised franchise tax continues to add up, several bills have been introduced to the state legislature to change the tax and give business owners some breathing room.

As of Nov. 25, the total revenue from the state's revised franchise tax for fiscal year 2009, which includes September, October and November, is about $195.7 million, said R.J. DeSilva, spokesperson for the State Comptroller's office.

"This number could change as we finish up processing final reports and issue any refunds as well, if companies had previously made overpayments," DeSilva said. "We're also analyzing data for the Business Tax Advisory Committee report. That report will break down the distribution of the franchise tax among industries and various sizes of businesses in those industries. The final report will be sent to the Legislature in January before it convenes."

Published: December 1st, 2008

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