The Texas Senate passed SB 32 today, a bill aimed at supporting small businesses by lowering their taxes. Authored by Pall Bettencourt of Houston, the bill increases the business personal property tax exemption from $2,500 to $25,000. In addition, the bill includes a 20% inventory tax credit to help reduce franchise tax liability, with the state planning to award up to $500 million in credits.
In order to secure the property tax exemption change, voters will now need to decide on Senate Joint Resolution 81, a constitutional amendment.
This legislation has been praised by small business owners across the state, who believe that it will provide much-needed relief and allow them to reinvest in their businesses. By lowering taxes and providing tax credits, the bill aims to stimulate economic growth and support the backbone of the Texas economy.
If passed, the bill could make a significant impact on the state’s small business community, helping them to thrive and grow in a challenging economic environment. Supporters are optimistic about the future of small businesses in Texas with these new tax incentives in place.
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