Senate Passes Tax Relief for Small Business Owners

April 5, 2023

NFIB has made cutting the inventory tax a top priority for the 88th Legislature

Senate Passes Tax Relief for Small Business Owners

In March, the Senate passed SB 5, which increases the inventory tax exemption and offers a credit toward the franchise tax. NFIB has made cutting the inventory tax a top priority for the 88^th Legislature, with paid statewide radio and digital advertisements to encourage legislators to provide needed tax relief to Texas small businesses. Following the Senate’s passage, NFIB State Director Annie Spilman said: “This is the first tax relief measure of its kind to combine both inventory tax relief and a franchise tax credit to help businesses of all sizes, but particularly our small businesses. In the past three years, our local job creators have faced enormous challenges, and with our state’s $33 billion budget surplus, there’s no question they deserve meaningful tax relief this legislative session.” NFIB will continue working with lawmakers to make tax relief a reality this legislative session. We need your help to tell the small business story. If you’d like to share your story on why the Texas Legislature needs to cut the inventory tax, please contact Texas State Director Annie Spilman (annie.spilman@nfib.org). To learn more about NFIB’s ‘Cut the Inventory Tax,’ visit NFIB.com/TexasTaxCut.

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State:

Texas

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