Submitted by Mary McClure
State Representative Jeff Leach presented legislation Monday to the House Ways & Means Committee which gives a direct boost to the Texas economy, providing for bold tax relief and spurring substantial job growth. Specifically, Representative Leach’s House Bill 2370 provides a tax incentive for small businesses that relocate to Texas from other states.
The bill is strongly endorsed and supported by Texas Governor Rick Perry and is a key tenant of the Governor’s ambitious four-point plan to provide tax relief for businesses that are subject to the onerous franchise tax.
Stated Leach, “With our low taxes, predictable regulations and a fair legal climate, Texas remains the economic beacon for the rest of the United States. I applaud Governor Perry for his bold vision and leadership as he continues to promote our State and to encourage other businesses from across the country to relocate to Texas. House Bill 2370 seeks to encourage and support Texas’ continued economic growth by creating a franchise tax deduction for various expenses associated with a business relocating to Texas from another state. While expanding our tax base, this common-sense legislation goes a long way towards promoting continued job growth and I am proud of the broad support it has received.”
Endorsed by the Texas Association of Business, the National Federation of Independent Business and the Texas Conservative Coalition, House Bill 2370 is projected to bring numerous jobs to Texas by providing a one-time deduction against a company’s franchise tax liability for moving expenses associated with relocating to Texas. This legislation would apply to companies that plan to move their principle place of business to Texas and only relates to companies that do not currently conduct business in Texas.
Bill Hammond, President and CEO of the Texas Association of Business, stated “Representative Leach’s important legislation will further encourage businesses to move to Texas and we strongly support it.”
Representative Leach serves on the House Committee on Criminal Jurisprudence, the House Committee on Urban Affairs, and the House Committee on Rules and Resolutions as well as the Policy Committee for the Texas House Republican Caucus. Leach represents portions of Plano, Allen, Richardson and Dallas in Collin County.