Governor Abbott Touts Franchise Tax Proposal On Tax Day

April 15, 2015 | Austin, Texas | Press Release

Governor Greg Abbott today hosted a press conference with Ellen Wood, co-founder and CEO of vcfo, a finance, human resources and recruiting professional services firm with Texas-based offices in Austin, Houston and Dallas, to promote his plan to reduce the business franchise tax. In his remarks, Governor Abbott outlined how reducing the franchise tax will enable Texas businesses to create more jobs and spur economic growth.

“I have traveled across the State of Texas and heard from so many employers that the business franchise tax places a complicated and an unfair burden on businesses that prevents employers from reinvesting profits to grow their business and hire more Texans,” Governor Abbott said. “That is why I will reject any budget package that does not include genuine tax relief for Texas’ job creators.”

“As an entrepreneur and board member for many organizations, I’ve seen firsthand the impact companies face as a result of the business franchise tax,” said Wood. “vcfo has seen more than a 25-fold increase in the tax. Additionally, we had to pay significant five-figure franchise tax bills in years following the recent economic crash when our Texas operations barely broke even. The cost savings and expanded investment resulting from a reduction in franchise taxes will, in turn, benefit Texas employees, their families and our communities.”