Texas Supreme Court holds franchise tax does not violate constitution's "Bullock Amendment"


On November 28, 2011, the Texas Supreme Court held that the Texas franchise tax is not a tax imposed on the net incomes of individual partners and thus does not facially violate the Bullock Amendment to the Texas Constitution. [In re Allcat Claims Service, L.P. and John Weakly, Relators, Tex., No. 11-0589, 11/28/2011]

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