April 14, 2017 - This was a big week for the TSCPA Legislative Agenda as we finally saw SB 1083 passed in the Texas Senate on a 31-0 vote.
SB 1083 is the legislation that will provide a limited "de minimis" exemption from the insurance services tax for licensed CPAs if this type of service amounts to 1 percent or less of the total firm revenue in the prior year.
Senator Charles Perry, CPA, (R-Lubbock) was the sponsor on the bill and he introduced a floor amendment in the Senate to modify the bill language to accommodate concerns that were raised by the comptroller. With the adoption of the amendment language, the comptroller supported the bill and provided an acceptable revenue impact estimate.
Read the amended version of SB 1083 that was passed by the Texas Senate