Affect of Low Oil Prices – Texas Franchise Tax Relief in Jeopardy
On Monday January 5th, Paul Bettencourt called into the show related to Mike Smith’s and Luke Patterson’s discussion on low oil prices. Paul is a Texas State Senator from District 7. Paul is the prior Harris County Tax Assessor-Collector and also manages Bettencourt Tax Advisors, LLC that also works with business owner and clients on property tax issues. Paul Bettencourt is a friend of the show and the firm and also has a lot of experience in this area.
Paul’s concern was that with the reduction in oil revenues to the state, it will be difficult for the state’s politicians to provide the promised tax relief in the areas of Property tax relief for homeowners, or Franchise tax burden to small businesses. Note: promised relief/repeal would cost the state $10 billion. Paul also wrote an article in the Austin American Statesman entitled “Paul Bettencourt: Oil prices will make big tax cuts difficult”.