Clock ticking to kill Texas’ franchise tax; committee vote boosts lawmaker’s optimism

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A key Texas House committee has advanced a bill to eliminate the state’s franchise tax, an unpopular levy on business margins, putting the possibility of a compromise one step closer this session. In a final meeting before lawmakers leave Austin for the Easter weekend holiday, the Ways & Means Committee voted 10-0 April 12 to advance House Bill 28 to the floor, with Rep. Eric Johnson, D-Dallas, absent. The legislation is authored by Rep. Dennis Bonnen, an Angleton Republican and chairman of the…