READ: “As the Economy Remains Uncertain & Tax Reform Remains Up in the Air, The More Challenging it Becomes to Predict & Plan Ahead”

May 26, 2023

READ: “As the Economy Remains Uncertain & Tax Reform Remains Up in the Air, The More Challenging it Becomes to Predict & Plan Ahead”

WIMBERLEY (May 26, 2023) – “Both Governor Greg Abbott and Lieutenant Governor Dan Patrick have committed to delivering real property tax relief this legislative session, and both the House and the Senate have passed their respective proposals,” writes NFIB members and small business owners Lisa and Dan Pitcher in an op-ed for The Hays Free Press. “As the economy remains uncertain – and the chances of tax reform remain up in the air – the more challenging it becomes to predict and plan ahead.” CLICK HERE to read the full op-ed. Background: Texas is one of nine states to fully tax inventory. The current exemption is $2,500, up from $500— which only recently increased in 2021. Before it was increased during the 87^th Legislative Session, the exemption had not increased since 1995. Business owners haven’t seen franchise tax relief since 2015. In December 2022, Spilman penned an op-ed for the Dallas Morning News outlining why property tax relief is crucial for small businesses and the Lone Stars’ economic recovery. CLICK HERE to read excerpts of the op-ed. In January 2023, NFIB launched the ‘Cut the Inventory Tax’ campaign, a paid effort including statewide radio and digital advertisements encouraging legislators to provide needed relief for Texas small businesses. Additionally, several NFIB members, including Andy Ellard, Tim Green, and Bud Walters, have been featured in local news coverage on the issue. To learn more, visit NFIB.com/TexasTaxCut. During his State of the State address, Governor Abbott listed property tax relief as his first emergency item for the legislature.

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