Break for Small Businesses - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

01.26.07

Break for Small Businesses

Putting more money back in the pockets of small business owners.  That's the aim of a new bill that would offer tax exemptions to thousands of businesses throughout Texas. 
   

 Every little tax break counts for small businesses.  And if this bill passes, it will keep  many of them in Amarillo from having to report and pay the new Texas Business Tax. 
 

Scott's flowers off 7th and Polk is just one of the businesses that would benefit.  "There's not a lot of breaks, you work so hard and so many hours and you work 7 days a week, because flowers come in on Sundays, anything you can do to get some breaks is greatly appreciated," says Mary Ruth Albracht, of Scott's Flowers.
  

This is how the exemption would work... Right now businesses whose total revenue is less than $300,000 don't have to pay any state business tax.  This bill would push that amount up to $1 million in total revenue, giving thousands of other businesses the break.

"A lot of people don't gross a million dollars because that's a lot of money, still have to fill forms but won't have to pay tax," says John Dodson, an Amarillo accountant.

 Albracht has already thought of what they could use the extra money for.  "You could have better vans, better supplies better materials, it's bound to help," she says.   Area representative John Smithee is sponsoring the bill specifically for family-owned businesses.

 He says it would also help them create more jobs and grow, which is something Scott's has been doing for 50 years.
"His very first Valentine he had 2 bunches of flowers, and every year since then it's doubled and gotten larger, and that's what you hope to do, expand and get better, reach people and touch lives," says Albracht.

Representative Smithee says he hopes the bill will come to a vote in the next 2 or 3 months.

-Marissa Bagg, NewsChannel 10

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