CROSBY HUFFMAN CHAMBER
The chamber is hosting their January luncheon Thursday, Jan. 18, at 11:30 a.m., at Lake Houston United Methodist Church, 23606 FM 2100, Huffman. The speaker will be from H&R Block. The lunch will be catered by Marsalas Italian Grill. RSVP by calling 281-328-6984.
Texas Security Shredding is hosting a casino night fundraiser Jan. 27 benefiting the Susan G. Komen Foundation at Community Bank of Texas, 6200 FM 2100. The doors open at 5 p.m.; dinner begins at 5:30 p.m; casino gambling is from 6-9 p.m.; and prizes and auction results announced at 9 p.m. Call 281-328-4199 for information.
WHITE LIGHTNING KICKS OFF 2018 WITH COLT FOLD
GROUP 1 TO GIVE BONUSES
Group 1 Automotive announced a $500 cash bonus for non-management dealership employees and support staff. The company owns and operates 115 dealerships nationwide. The press release stated that CEO Earl Hesterberg made the decision after reviewing “the opportunities the new tax reform law creates for us.” He also praised the employees across the U.S. “For almost 13 years, I have watched our loyal dealerships move cars in 100-degree heat of a Texas summer and clean snow off of new inventory in 10-degree Boston weather...these people are the heart of the company. They generate our profits and my management team and I feel that the financial benefit of the new tax law creates an opportunity to say thank you. The bonuses will be paid March 1, 2018.
SBA DISTRIBUTES $3 BILLION
The Small Business Administration (SBA) has approved more than $3 billion in federal disaster loans for Texas businesses and residents impacted by Hurricane Harvey. The SBA has approved 2,823 loans for $290,985,100 for businesses and 35,582 loans for $2,713,637,800 for residents to help rebuild and recover from this terrible disaster. Even though the deadline to apply for a loan for property damage has passed, small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size still have until May 25 to apply for an economic injury disaster loan. Business owners may apply online at disasterloan.sba.gov/ela. Interest rates can be as low as 3.305 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. Applicants may call SBA’s Customer Service Center at 800-659-2955 for more information.
TAX AMNESTY ANNOUNCED
Texas Comptroller Glenn Hegar has announced a temporary tax amnesty program giving certain delinquent taxpayers a chance to make their accounts compliant with state tax law without incurring penalties and interest on tax due. The Texas Tax Amnesty Program will run from May 1 to June 29. The program applies to periods prior to Jan. 1, 2018, and only includes liabilities that have not been previously reported to the comptroller. “Our tax amnesty program is the perfect opportunity for taxpayers to get in compliance,” Hegar said. “Maybe you forgot to get a sales tax permit or you inadvertently underreported taxes owed. If you qualify, there are no excuses necessary. You can participate in the coming tax amnesty program and make things right with the state of Texas and with your fellow taxpayers.”
STATE GETS $2.7 BILLION IN TAX
Texas Comptroller Glenn Hegar said recently that state sales tax revenue totaled $2.75 billion in December, 12.3 percent more than in December 2016. Total sales tax revenue for the three months ending in December 2017 was up 10.2 percent compared to the same period a year ago. Sales tax revenue is the largest source of state funding for the state budget, accounting for 58 percent of all tax collections. Revenue from other major taxes on motor vehicle sales and rentals, motor fuels and oil and natural gas production also rose in December 2017.
HARVEY VICTIMS CAN PAY QUARTERLY
Residents with damaged homes and businesses in the 60 Texas counties that were declared disaster areas following Hurricane Harvey have the option to pay their 2017 and 2018 property taxes in installments rather than a lump sum that is due before Feb. 1. The Texas Tax Code 31.032 allows homeowners and small businesses that were damaged in the hurricane and are in a declared disaster area to pay their property taxes in four installments instead of one lump sum without penalty or interest. All single family homes, even if not an official homestead, and other residential property with no more than four units are eligible, including small businesses with gross receipts of less than $5.7 million. Eligible residents can pay both 2017 and 2018 property taxes in installments.