Bill would immediately reduce the burden of taxes on small business owners
This week, during the special session, the Texas House of Representatives passed substantial property tax cuts as part of the #1 agenda item from Governor Abbott’s special session call. The National Federation of Independent Business (NFIB), along with more than 30 homeowner, consumer, and business groups in Texas, sent a letter to Governor Greg Abbott, Lieutenant Governor Dan Patrick, and Speaker of the House Dade Phelan in support of the property tax cuts.
The bill, which includes $17.6 billion in savings for Texans, would immediately reduce the burden of property taxes on job creators. If enacted, a small business owner with $300,000 in property value would see $1,300 in savings over the next two years. The property tax reduction would continue in future years.
While NFIB will continue working with lawmakers to reduce the inventory tax, this bill would provide the largest property tax cut in the history of Texas. In this difficult and uncertain economic environment, tax relief will go a long way in helping our local job creators keep their doors open. We look forward to working with the Legislature to get the bill across the finish line.
