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August 15, 2023
Small business owners will benefit from $18 billion in property tax relief.
NFIB Members & Local Job Creators Attend Historic Tax Relief Signing Ceremony
- Expanded Franchise Tax Exemption:Â The threshold for businesses that are excluded from filing and paying the franchise tax was expanded to $2.47 million gross instead of $1.235 million gross.
- $12 Billion in Tax Compression: The state will buy down residential and commercial property owners’ local ISD taxes.
- A 20 Percent Limit on Taxable Value: Increases on non-residential properties’ taxable value will be limited to 20 percent. This applies to commercial and non-residential properties under $5 million in value.
- Example: A small business owner’s appraisal value may increase by 300 percent, but the value that the owner is taxed on cannot increase any more than 20 percent.
- Greater Transparency:Â Counties with more than 75,000 residents will now be allowed to elect three members of their countywide appraisal board.
State:
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