Texas Tax Reform is Imminent, Including a Possible Substantial Rewrite

March 10, 2006

Texas tax reform is getting closer than ever and a possible result is a substantially rewritten franchise tax that will apply to almost every business in Texas.  The attached memorandum provides an update about what's currently on the drawing board in Austin.

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.

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