Business Services Industry
Texans will get tax break under U.S. Senate measure.
Knight Ridder/Tribune Business News, October, 2004
By Katharine Goodloe, The Dallas Morning News Knight Ridder/Tribune Business News
Oct. 12--WASHINGTON -- Texans who itemize their federal tax returns are only a president's signature away from being able to deduct the state's sales tax.
State officials expect the average Texas family to save $310 a year under a measure passed Monday by the Senate. The deduction would start this year but expire after 2005 unless Congress renews the provision.
The provision is part of a wide-ranging $137 billion corporate tax package. It provides $76.5 billion in tax breaks for manufacturers u including oil and gas businesses u architectural and engineering firms, and film and music companies. It also includes a $10.1 billion buyout for tobacco farmers...
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