Here’s a look at some of our recent victories in the Texas Legislature:
Franchise Tax Deferment
As an interim solution for small business relief, the Comptroller extended the payment deadline for the franchise tax to July 15. It’s the onerous tax assessed on businesses (Even when they don’t net a profit or were shut down during COVID-19) and would have been due in May. NFIB continues to push for full elimination of the Franchise Tax during the 2021 legislative session.
Access to Capital
Those considered “non-essential” businesses were forced to close during COVID-19. NFIB took immediate action by working with Congress to provide alternative financing options for small business owners. NFIB pressured Congress to immediately institute and make available the PPP and EIDL loan programs. NFIB also pushed for a second round of PPP CARES Act money. Many resources and guides are available for our small businesses at the NFIB website.
NFIB is a key resource for Governor Abbott on best practices for the reopening of Texas small businesses during the COVID-19 crisis. NFIB is working with the Governor and lawmakers to identify unnecessary regulations and to find potential tax exemptions to aide small businesses long term.
· We have made progress with the property taxes having tax Increases capped at 2½% locally and 3½% on ISD taxes requiring a vote for anything above that. We are fighting for more reforms on appraisals and how they are assessed.