Texas Tax Reform Analysis
May 23, 2006
Now that Governor Rick Perry has signed one of the most significant reforms of the Texas tax system in history, Haynes and Boone hosted a brief web-conference for our clients and friends to discuss the impact this new legislation will have on how you do business in Texas.
Tuesday, May 23, 2006
The teleconference focused on several important issues including:
- Which business entities will be subject to the new tax;
- How taxes will be calculated beginning in 2008;
- How the tax rate has changed;
- What responsibility partnerships will have to file returns under and pay the new Texas franchise tax;
- What the reduction of property taxes could mean for capital intensive businesses; and
- How the new tax will be applied to tiered partnerships and affiliated entities.
About the speakers:
Mr. Bezozo has extensive experience in representing business entities and individuals in state and federal taxation matters and business planning including structuring, formations, operations, mergers and acquisitions, dispositions and restructurings. He also has substantial experience in handling all types of federal and state tax controversies and bankruptcy and workout taxation. Bezozo is the former Chair of the Corporate Tax Committee for the State Bar of Texas, and regularly represents business entities and individuals before the Texas Comptroller of Public Accounts and the Internal Revenue Service in tax controversy and litigation matters.
Ms. Szarzynski is an associate with the Tax, Business and Estate Planning Practice Group. She has experience in both state and federal taxation and has worked with partnerships, LLCs, private and publicly held corporations, electing small business corporations, foreign investors, and tax-exempt investors. Ms. Szarzynski has specific expertise in structuring business entities to minimize Texas state tax liability.
In order to comply with certain U.S. Treasury regulations, we are informing you that any U.S. federal tax advice that may be contained in this document is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding any tax penalties that may be imposed by the Internal Revenue Service or any other U.S. federal taxing authority or agency or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.