UPDATE: Governor signed H.B. 500 on June 14, 2013
House Bill 500, passed by the Texas Legislature and sent to Governor Perry for approval on May 28, 2013, enacts a temporary margin tax rate reduction, allows additional businesses to qualify for a reduced rate, provides a $1 million deduction, and makes other changes. Most changes, if enacted, would take effect January 1, 2014.
On May 16, 2013, the Comptroller adopted amendments to the cost of goods sold (COGS) rule, allowing taxpayers to include as COGS those indirect labor costs, other than service costs, that are subject to capitalization. Additionally, the regulation allows taxpayers to change their margin tax computation method on an amended report and while under audit.