Ahead of Election Day, NFIB Texas urges Texans to support Prop 4 and shop locally on Small Business Saturday in a conversation with Chad Hasty.
DALLAS (Nov. 7, 2023) – “[Prop 4] is a great avenue to get a handle on the property tax situation here in Texas,” NFIB Senior State Director Dawn McVea said while discussing why Texans should support tax cuts in a conversation with Chad Hasty. “The state experienced a $32 billion surplus. Whenever there is a surplus in government funding, that’s because taxpayers overpaid for the cost to run it. We know those are our dollars, whether you’re a small business owner or a resident of Texas. Those dollars need to find their way back to the taxpayer.”
During their conversation, McVea also reminded listeners to support their local businesses every day, but particularly for their holiday shopping on Small Business Saturday, which is November 25.
Prop 4 is an $18 billion tax cut that will save Texans money and provide greater transparency on appraisal boards.
“You’re going to see an increase in your homestead exemption from $40,000 to $100,000, which is great. But additionally, the proposition limits the increase on non-residential property taxable value, which is great for small business owners. It applies to commercial property and non-residential property. That’s a really great provision there.”
“This proposition is designed to also create some transparency. One of the big things we hear from small business owners is that their property taxes evaluation is continually going up, and that the property taxes are continually going up because of the appraisal. And so this proposition adds greater transparency by adding three positions to each county appraisal district.”
These tax cuts build upon targeted franchise relief signed into law by the Texas Legislature.
“Part of the overall tax relief was a cut in the franchise tax. We’re rolling 67,000 small businesses off the franchise tax rolls because they have doubled the threshold for having to pay and file franchise taxes. That’s a huge help for small business owners.”
Small Business Saturday will be here before you know it.
“We love this time of year. What a great way to support your small businesses. It’s not a political issue. It’s an easy thing to go out and do. It’s something most of us do every day anyway. Go and support a local small business, whether it be for a gift, or a local restaurant, or for an everyday shopping need. We love Small Business Saturday because it’s a great opportunity to highlight the great things that small business owners are doing across the country in every Main Street. At the end of the day, it keeps dollars in your community whenever you shop locally.”
CLICK HERE to listen to the full interview.