The Third Court of Appeals issued its opinion today in Combs v. Newpark Resources, Inc., its first case under the revised Texas franchise tax law (also known as the Texas margin tax). The opinion rejects the Texas Comptroller’s narrow interpretation of the Texas franchise tax’s cost of goods sold deduction in favor of the taxpayer’s […]
The Texas Third Court of Appeals heard oral argument today in Southwest Royalties, Inc. v. Combs, No. 03-12-00511-CV. The case addresses whether oil and gas operators may claim the Texas sales and use tax manufacturing exemption on their purchases of certain above-ground and downhole production equipment. An ultimate win for the taxpayer here could mean […]
A new Texas Comptroller hearing decision spotlights the importance of terminating business entities after they conclude their business. Doing so helps limit the entity’s exposure to potential tax assessments. This is because it, in many cases, may effective reduce the amount of time the Comptroller has to make an assessment against the entity. I’ll discuss […]
Members of the Texas Legislature have filed two tax bills for consideration in the current second special legislative session. Both are proposals for how to increase transportation funding in response to Governor Perry’s charge to the Legislature to consider “legislation relating to the funding of transportation infrastructure projects.” Exactly how much consideration the Legislature will […]
