New Texas Margin Tax -- Business or Income Tax

Did FASB reach a conclusion on this tax and consider it an income tax?

AccountingWEB.com - August 16, 2006 - Candidates for governor in Texas last week reacted to the Financial Accounting Standards Board’s (FASB) conclusion that the new Texas margin tax was an income tax under Financial Accounting Standards (FAS) 109 “because the tax is based on some measure of income.” FASB declined to set up a project to give advice on the matter.

Ernest Dean