Where Did All the Money Go? The Case of the Unused Franchise Tax Credits

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Dick Lavine /(512) 320-0222 x 101

March 31, 2003

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In 1999 the Legislature passed SB 441, which created franchise tax credits for research-and-development, capital investment, job creation, and day care spending. Credits that have already been earned under these provisions, but not yet used to reduce franchise tax payments, total $371.1 million. These credits could be used to reduce state revenue for up to 20 years in the future.