Bill raises franchise tax exemption, includes property tax relief for small businesses
AUSTIN (July 14, 2023) – Upon the Texas Legislature’s passage of property tax relief, NFIB State Director Annie Spilman applauded the measure as meaningful relief for small business owners. In a statement, Spilman also called on lawmakers to cut the inventory tax, a complicated, time-consuming, and expensive tax that all Texans continue to shoulder.
“As rising property taxes push Main Street to the brink, our job creators are grateful to Governor Abbott, Lt. Governor Patrick, and Speaker Phelan for providing meaningful tax relief. Small businesses operate on thin margins, so in an economy where every penny counts, this tax cut will provide significant savings to business owners. Those savings will go towards job creation, raised wages, and expanded benefits. While there is still hope lawmakers will act to reduce the burden of the inventory tax, this tax relief is welcome news for the small Texas employers struggling in this economy.”
Background:
Last week, Spilman testified before the House’s Select Study Committee on Sustainable Property Tax Relief, where she urged lawmakers to cut taxes so small business owners can “attract and keep workers.”
A recent NFIB survey found that inflation and labor quality are tied as the top small business concerns, underscoring the need for immediate tax relief.
NFIB has made cutting the inventory tax a top priority for the 88th Legislature, with paid statewide radio and digital advertisements encouraging legislators to provide needed tax relief to Texas small businesses. For more information, visit NFIB.com/TexasTaxCut.
