June 23 2015 / PEO News
NAPEO Hails Signing Of Bill Eliminating Double-Taxation Of Small Businesses In Texas
ALEXANDRIA, Va., June 21, 2015 /PRNewswire-USNewswire/ -- The National Association of Professional Employer Organizations (NAPEO) today applauded Texas Gov. Greg Abbott (R) for signing a bill to ensure that small businesses that enter into a relationship with a professional employer organization (PEO) after January 1 are not faced with paying double employment taxes.
"We thank Governor Abbott for his support of this bill, which will enable PEOs to continue to help small businesses in Texas grow and thrive while eliminating what was essentially a double tax on small business and maintaining the integrity of the UI trust fund at the same time," said NAPEO President and CEO Pat Cleary. "PEOs provide valuable services to the small business community and play a role in the creation of Texas jobs, so enactment of this legislation was critical to the continued strength of the small business sector in the state."
HB 3150 also provides consistency with the recently enacted federal Small Business Efficiency Act (SBEA), which was signed into law in December 2014. Under the SBEA, the wage base for purposes of the corresponding federal wage-based employment taxes (FUTA and FICA) will not have to restart when a small business employer joins or leaves an SBEA-certified PEO after January 1, 2016.
PEOs provide payroll, benefits, and other HR services to small and mid-sized businesses. NAPEO has 148 PEO members doing business in the state of Texas with thousands of small businesses employing more than 132,000 employees.
"Governor Abbott has always been a strong proponent of small business, and this legislation is yet more evidence of his commitment to making Texas a great state for small business," said Cleary.
SOURCE National Association of Professional Employer Organizations (NAPEO)
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PEO, or a professional employer organization, provides a vast array of services that can be immensely beneficial to your business. A PEO can help your company evaluate its current situation in terms of payroll, workers compensation, employee benefits and general human resources compliance