Perry signs business tax bill

June 16, 2009 2:32:50 PM PDT
Gov. Rick Perry has signed a bill giving a tax break to 40,000 small businesses. Perry, who had pushed for the tax cut, signed the bill Tuesday afternoon in Houston.

The measure extends a tax exemption to Texas business business owners with up to $1 million in annual revenue. Previously, only companies making less than $300,000 were exempt. The tax cut is estimated at $172 million over two years.

The bill was supported by both Republicans and Democrats in the Legislature.

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