In a move aimed at fostering the growth of small businesses, Governor of Texas, Greg Abbott, signed a slew of legislation into law during a virtual attendance at the Houston Regional Business Coalition luncheon, as per information from the official announcement. Among the laws enacted, House Joint Resolution 1 together with House Bills 9, 346, 2464, and 5195, passed in the 89th Regular Legislative Session, aim to streamline the process for initiating a business and trim down government red tape for small enterprises in Texas.
"The Texas economy is better than ever before," Governor Abbott asserted during his virtual remarks on the Office of the Texas Governor, lauding the state's measures to aid small businesses and pointing out Houston's contribution to this growth, with its significant number of Fortune 500 headquarters and nearly a million small businesses, and in his talk he detailed the major steps taken in the recent legislative session, which include expanding business courts and codifying the business judgment rule, investing in water and grid infrastructure, and broadening career training programs; noting that these initiatives build on the efforts of his Small Business Freedom Council, set up to recommend ways to eliminate unneeded government regulations on Texas businesses.
Key among the newly signed statutes is House Joint Resolution 1/House Bill 9, championed by Representatives Meyer and Bettencourt, which hikes the business personal property tax exemption from a mere $2,500 to an impressive $125,000, which Governor Abbott characterized as a critical measure to alleviate the tax burden on small businesses. Whereas House Bill 346, facilitated by Harris Davila and King, puts the Secretary of State in charge of offering speedier business filings, thus allowing Texas small businesses to get up and running swiftly, additionally making franchise tax exemptions and business filing waivers for new-veteran-owned businesses permanent.
With the Texas economy in the spotlight, Governor Abbott also inked House Bill 2464 by Hefner and Middleton, aimed at barring cities from enforcing regulatory hurdles on specific home-based businesses, while House Bill 5195, put forth by Capriglione and Alvarado, mandates state agencies to overhaul their websites to simplify the digital interface for businesses.
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