AUSTIN– The Texas CU League has thrown in with other interests to be saved by the proposed new state tax with help financing a radio campaign touting the tax proposal. The credit union league has contributed $25,000 to the campaign financed by Texans for Taxpayer Relief, which touts a proposal passed by the state House Tuesday that swaps the current franchise tax in favor of a new business ‘Gross Margins’ tax. The new tax spares credit unions of a state tax.
The group has raised about $220,000 so far to finance the radio ads, and also includes Texas Motor Transportation Association ($50,000); Maxxam Corp. ($50,000); Texas Apartment Association ($30,000); Texas Beer Alliance ($30,000); Texas Association of Builders ($25,000) and Texas Restaurant Association ($10,000). The group aims to raise as much as $6 million to support its campaign.
The tax bill now goes to the state Senate for its deliberation.
