Haynes and Boone LLP partner Kenneth Bezozo in New York City andassociate Kim Szarzynski in Richardson say the best advice at thispoint is to schedule meetings ASAP with tax advisers to beginrunning pro formas to determine financial onus from legislationsigned six days ago in Austin. Property owners might relish theirreal estate tax cut, but red flags are rising for leases,particularly triple net, and rental income as part of thetrickle-down effect on the commercial sector from a newlystructured franchise tax based on taxable margins.

"There are no loopholes," Bezozo told participants inyesterday's web conference. "Get ready to write a check. And justbecause it's disregarded for federal tax doesn't mean you're goingto be disregarded for state."

Many corporate structures that didn't pay a franchise tax beforewill be doing so now. The new list includes partnerships,corporations, banking corporations, savings and loan corporations,limited liability companies, business trusts, professionalassociations, business associations, joint ventures, joint stockcompanies and holding companies.