The Aransas Pass Progress (Aransas Pass, Tex.), Vol. 106, No. 13, Ed. 1 Wednesday, April 1, 2015 Page: 4 of 12
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Finances
Crowdfunding and taxes:
What you should know
capital, some might neglect to research potential-
ly unfavorable tax, financial or legal implications
Crowdfunding - the online method of raising from their campaign. Potential crowdfunding
money from people around the world - is less campaigners might want to make a preliminary
than a decade old, allowing artists, activists and call to a qualified tax adviser, financial planner or
a growing number of entrepreneurs to connect an attorney before launching any online fundrais-
with financial support far outside the convention- ing effort.
al lending system. Individuals, companies and nonprofits have
Here’s how crowdfunding works. Through sites different tax issues and financial precedents that
like Kickstarter, Indiegogo or RocketHub, cam- could blunt the effectiveness of any fundraising
paigners seeking funding create a pitch that edu- campaign.
cates potential funders - or “backers,” as they’re Depending on the fundraising goal and how
often called - on their project. Campaigns share that money will be handled in the aftermath of the
campaign, experts say some situations may call for
a particular legal entity to be formed in advance.
If appropriate, participants could seek guidance
By Jason Alderman
their funding goal and the various rewards back-
ers will receive for taking part; backers respond
with pledges made via credit card. If the campaign
meets its goal and deadline, the crowdfunding site to form an actual business (sba.gov/writing-busi
activates all the card-based pledges and the cam
paign is funded.
While estimates vary widely, research orga
nization Massolution (crowdsourcing.org/ed
itorial/2013cf-the-crowdfunding-industry-re-
port/25107) put 2013 crowdfunding revenue at strategies for fundraising and long-term mission.
$5.1 billion globally. Many crowdfunding efforts
today are artistic or cause-based, but that is ex-
pected to change in the near future.
Implementing the crowdfunding provisions of on individual circumstances, crowdfunding a per-
son’s unpaid medical bills may have significantly
different tax ramifications than crowdfunding
one’s independent film project. It is not enough
to consider the tax issues for the campaign and
campaigners. Beneficiaries require their own due
diligence to make sure crowdfunding provides the
most efficient solution for their needs.
ness-plan) or nonprofit (councilofnonprofits.org/
tools-resources/business-planning-nonprofits)
entity.
wDiscussing structural issues in advance will
not only help with tax issues, but also lead to better
Beneficiaries should also consider any po-
tential tax issues they could face as recipients of
money from crowdfunding campaign. Depending
the 2012’s Jumpstart Our Business Startups Act,
(sec.gov/spotlight/jobs-act.shtml) the U.S. Secu-
rities and Exchange Commission is putting final
touches on regulations allowing ordinary inves-
tors to participate in equity crowdfunding for the
first time. This would mean that business owners
could raise money via the web in exchange for a
piece of ownership in their company.
Because the process of crowdfunding is rela-
tively easy compared to other means of obtaining
Jason Alderman directs Visas financial educa-
tion programs. To Follow Jason Alderman on Twit-
ter: twitter. com/PracticalMonev.
Legislative update:
Committee
hearings underway
prosecution of the offense of
breach of computer security.
• HB 1082: Relating to in-
In this week’s article, I creasing the criminal penalty
want to follow up and give for the offense of obstructing a
an update on this important highway or other passageway,
legislative session that is well
underway. Friday, March 13th prosecution and punishment
marked the legislative filing of the offense of injury to a
deadline to file bills for the child, elderly individual, or
84th Legislative Session.
With this deadline now
By Rep. Todd Hunter
• HB 1286: Relating to the
disabled individual.
I will plan to do updates on
past, I want to take this op- bills being considered. This
portunity to discuss some of will give some information on
the bills that have been filed what potential laws are being
and have been up for hearings reviewed,
in the committees that I now
If you would like to follow
the Texas House and learn
more information on news,
committees or other aspects
of the legislative body, you
can access its website at house,
state.tx.us. The site features
serve on. It is important to
note, however, that while the
bill filing deadline has passed,
this does not mean that the
dialogue has been finalized.
House and Senate committees
have just begun to meet and live streaming from the House
the next stage of the legislative floor, committee hearings as
well as access to a number of
other resources.
You can also follow the
session is in progress.
As your elected represen
tative, I want to take this op
portunity to feature some of Texas Senate at senate.state.
the pieces of legislation that tx.us. The Texas Governor’s
have been introduced and official website can be found
have come before committees
that I serve on for this current
at governor.state.tx.us.
For important information
legislative session. Below, I regarding transportation in
have listed some of the bills the state, feel free to visit the
that were recently before the Texas Department of Trans-
House Committee on Crimi- portation’s website at txdot.
gov. The Texas General Land
Office’s website can be found
nal Jurisprudence.
• HB 48: Relating to the
creation of a commission to
review convictions after exon-
eration and to prevent wrong-
ful convictions.
at glo.texas.gov, while the
Texas Railroad Commission’s
website is located at rrc.state.
tx.us.
• HB 155: Relating to the
use of force in defense of Texas Legislative session be-
gan on January 13th and is
currently underway. As al-
ways, I want to hear your ideas
and suggestion. Your ideas
As a reminder, the 84th
property.
• HB 225: Relating to the
prosecution of certain offens-
es involving controlled sub-
stances and other prohibited and information are import
drugs, substances, or para-
phernalia.
• HB 326: Relating to sworn
affidavits provided to support
the issuance of a search war-
ant forms of feedback and I
hope that you will not hesitate
to contact my office.
If you have questions re-
garding any of the informa-
tion mentioned in this week’s
article, please do not hesitate
to call my Capitol or District
Office. Please always feel free
to contact my office if you
have any questions or issues
regarding a Texas state agency,
or if you would like to contact
my office regarding constitu-
ent services. As always, my of-
fices are available at any time
to assist with questions, con-
• HB 692: Relating to com- cerns or comments (Capitol
pensation under the Crime Office, 512-463-0672; District
Victims’ Compensation Act Office, 361-949-4603).
for damages to real property
suffered as a result of a person (Part) County. He can be contact-
evading arrest or detention.
• HB 896: Relating to the tx.us or at 512-463-0672.
rant
• HB 460: Relating to the
execution of a search warrant
for taking a blood specimen
from certain persons suspect-
ed of committing certain in-
toxication offenses.
• HB 461: Relating to the
creation of an offense for
smoking tobacco in a passen-
ger vehicle with a child pres-
ent.
Rep. Hunter represents Nueces
ed at todd.hunter@house.state.
Letter to the
Editor Policy
The Aransas Pass Progress
encourages letters to the
editor. Letters will be run as
space permits and at the dis-
cretion of the editor. Letters
may tackle political topics,
but letters supporting or op-
posing candidates for public
office will not be accepted.
Letters from the same author
will not be published more
than once a month.
Letters must include the
writer's full name, daytime
phone number and home ad-
dress for verification. Phone
numbers and addresses will
not be printed. Any letter
submitted without a phone
number and address will not
be published. Additionally,
anonymous letters to the edi-
tor will not be accepted.
All letters must be typed.
Letters submitted in long-
hand may not be published.
Email letters to editor@
aransaspassprogress.com.
Letters may be mailed to P.O.
Box 2100, Aransas Pass, TX
78335.
Staff
Interim Publisher & Editor
Brittney Richerson
Bookkeeper
Diane Vega
Advertising Representative
Loren Vega
Circulation
Michael Hembree
Reporter
Brooke Ostrom
Contributing Writers
Richard Gonzales
Annita West
The Ingleside Index (USPS
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Inc., 346 S. Houston St., Aransas
Pass, Texas 78336. Second Class
postage paid at Aransas Pass,TX.
Postmaster: Send address chang-
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Memberships:
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Association;
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of Commerce.
The Ingleside Index
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The Aransas Pass Progress
Wednesday, April 1, 2015
Page 4
House, Senate continue with primary task: adopting budget
Texas Department of Transportation
on March 27 launched an impaired driv-
ing awareness campaign titled, “Drink.
Drive. Go to Jail. De Veras.”
The bilingual effort runs through May
23 to overlap with Easter, Fiesta and Cinco
de Mayo. The Spanish phrase, “De Veras,”
meaning “For Real,” is a common expres-
sion used by Spanish speakers when re-
sponding to expressions of disbelief, Tx-
DOT Media Relations explained. Recent
census numbers show that 38 percent of
the Texas population is Hispanic, the me-
dia office added.
in any given year. This is projected to re- device while operating a motor vehicle.
duce property taxes in the state by $2.1 bil- Committee Substitute House Bill 80
lion over the next two years. Because this sets a fine of at least $25 and not more
change in the law will require an amend- than $99 for the misdemeanor offense
ment to the state constitution, voters will involving the operation of a vehicle by a
get a chance to decide on this issue in Sep- person under 18 years of age while using
tember, according to Senate documents. a wireless communication device or the
Two other Senate bills seek to reduce operation of a motorcycle or moped by a
al revenue estimate for fiscal years 2016 the franchise tax. Nelsons SB 7 reduces person under 17 years of age who holds
and 2017 suggests $113 billion in state *he overall rate by 15 percent and cuts the a restricted motorcycle or moped license
funds will be available for general purpose ‘EZ Rate> used by businesses that make less while using a wireless communication de-
T i . r r i than $20 million, by 40 percent. SB 8 by vice. The bill enhances the punishment for
spending. Lawmakers promises of fiscal 7 r ; i _ r
Sen. Charles Schwertner, R-Georgetown, such offense to a fine of at least $100 and
would exempt businesses that make less not more than $200 for a previous convic-
than $4 million in annual revenue from tion of an offense relating to the operation
the franchise levy. Currently, only busi- of a vehicle by a person under 18 years of
nesses with less than $ 1 million in revenue age.
are exempt. More than 60,000 small busi- One of the bill’s many effects is a re-
nesses would no longer have to pay the quirement that the Department of Public
franchise tax if SB 8 becomes law.
Capital
Highlights
AUSTIN — The House Appropriations
Committee on March 24 unanimously ap-
proved the General Appropriations Act
(House Bill 1) — the first hurdle toward
passing a state budget for fiscal years 2016
and 2017.
The committees chair, state Rep. John
Otto, R-Dayton, and the 27-member com-
mittees work earned the praise of House
Speaker Joe Straus, who said HB 1 is “a
responsible, disciplined plan that sets the
right priorities for a growing state. It ad-
dresses education and transportation, it
increases transparency and it will allow
the House to provide meaningful tax re-
lief!’
by Ed Sterling
f
Comptroller Glenn Hegars bienni-
conservatism suggest a finished state bud-
get well under the available amount.
Senate passes tax-cut biUs
Unemployment rate decreases
HB 1 awaits consideration by the full
House and a long list of proposed amend-
ments to it will be debated on the House
floor in the coming days.
SB 2, the Senate version of the state
budget, is still under construction in the
Senate Finance Committee. Differences in
SB 2 and HB 1 must be reconciled by the
two bodies in order to become enrolled as
Senate Bill 1 and Senate Joint Resolu-
tion 1 were passed by the Senate last week
and have moved to the House for consid-
eration. The bills, by Senate Finance Chair
Jane Nelson, R-Flower Mound, seek to tie
the homestead exemption to home pric-
es and allow homeowners to write off 25
percent of the average home price in Texas
Texas’ seasonally adjusted unemploy-
ment rate fell to 4.3 percent in February,
Safety include in drivers license examina-
tions a test of the applicants knowledge of down from 4-4 percent in January, Tex-
as Workforce Commission reported on
the effect of using a wireless communica-
tion device or engaging in other actions
that may distract a driver.
House passes cell phone biU
March 27.
The rate decreased thanks to the state-
wide addition of 7,100 non-agricultural
jobs during the month of February.
On a vote of 104-39, the House on
March 26 passed legislation regulating the
use of a portable wireless communication
TxDOT launches campaign
law.
www.wombania.com
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Richerson, Brittney. The Aransas Pass Progress (Aransas Pass, Tex.), Vol. 106, No. 13, Ed. 1 Wednesday, April 1, 2015, newspaper, April 1, 2015; Aransas Pass, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1143851/m1/4/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Ed & Hazel Richmond Public Library.