www.theeagle.com/local/State-margin-tax-now-due -
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Published on: 5/31/2008
Last Visited: 5/31/2008
The Comptroller's Office is changing the rules daily," said April Eyeington, an accountant with Bryan-based Brewer, Eyeington, Patout & Co.
Eyeington said one of her local grocery store clients paid $1,600 under the franchise tax law in 2006.This year, the same client -- whom Eyeington declined to identify -- will pay $11,000.
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But Eyeington said many businesses that suffered a loss on their balance sheets will pay tax this year, anyway.
"It doesn't matter if you have a loss, since the tax is based on a percentage of your growth," she said.
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Eyeington said some businesses are discussing suing the state, having likened the margin tax to a personal income tax -- which the state doesn't have the authority to assess.