LA Congressman's Corp. Loses Texas Charter Over Taxes

NEW ORLEANS (AP) — A Texas-based business co-owned by U.S. Rep. Vance McAllister has lost its right to do business as a Texas corporation after missing deadlines to pay state franchise taxes.

         Chris Ryan with the Texas Comptroller's Office said Tuesday that Texas Coastal Energy Co. LLC could have its corporate charter reinstated if it complies with the state tax code by Nov. 17.

         The company can keep operating. However, the loss of the charter means the corporation cannot sue or defend against a lawsuit. And each director of the corporation becomes liable for the corporation's debt.

         McAllister, a Republican who is running for re-election and was preparing for a Tuesday night debate in his north Louisiana district, said he had no information on the corporation's current operations because his business interests now are run by a blind trust.

         The corporation's phone wasn't answered Tuesday evening.

         McAllister was elected last year to fill an unexpired congressional term. After winning that race, he was considered a strong bet to win a full term this year. However, he was urged to resign by some state GOP officials in the spring after a video surfaced showing McAllister — who is married and ran on a family values platform — kissing a female staff member.

         He faces eight challengers in the Nov. 4 election.

         Online listings with the Texas Comptroller's office list McAllister and Jefferey Gordon, of Dallas, as officers in the corporation.

         McAllister's House financial disclosure form states that he made somewhere between $100,001 and $1 million in partnership income from Texas Coastal Energy in 2013. He stated that he owned 50 percent of the corporation. The form states that the asset was transferred to a "non-qualified blind trust," an action McAllister said he took after taking office.

Categories: Today’s Business News, Top Business News