AUSTIN (AP) Texas is cutting $300 million from its unprofitable consulting firm’s tax bill, saying it’s not a “responsible investment.”
The Austin American-Statesman reports (http://bit.ly/2i2V3ZV ) the $300-million tax bill for consulting firm Deloitte Consulting Inc. expires March 1, 2019.
Deloitte’s consulting services are now the only ones in the state that are subject to a “consultancy tax,” the Austin American Statesman reported.
In the past, consulting firms have been exempt from taxes under state tax laws, but the Texas Legislature recently extended that exemption to the consulting firms.
The Austin-based company, which is the largest employer in Texas, earned a combined $1.3 billion in consulting revenue last year.
The company is based in Houston and its website says it provides consulting services in the health care, retail and construction industries.