June 17, Gov. Greg Abbott signed House Bill 346, House Bill 2464, House Bill 5195, House Concurrent Resolution 142, and Senate Bill 2206 into law to enhance Texas’ business-friendly environment at the Fort Worth Economic Development Partnership luncheon.
Passed during the 89th Regular Legislative Session, these laws will accelerate the process for starting a business in Texas and cut unnecessary government regulations on small businesses.
“Most businesses in the state are actually small businesses,” said Abbott. “They employ about half of all employees around the entire state. We wanted to make sure that we passed laws that would improve the process of doing business in the state, and we took strategic steps to achieve just that. The laws being signed today reduce barriers for small businesses and prioritize ordinary Texans.”
While speaking at the Fort Worth Economic Development Partnership luncheon, Abbott highlighted the strength of Texas’ booming economy and that Texas is the best place to start and own a business.
Additionally, Abbott discussed the slate of pro-business legislation passed this legislative session that codifies the business judgement rule, protects shareholders from frivolous lawsuits, and increases business personal property tax exemptions.
The laws signed by the governor build on the progress started under his Small Business Freedom Council, which he launched last year to review government efficiency for Texas businesses and provide recommendations to cut unnecessary government regulations.
House Bill 346 allows the Secretary of State to offer expedited business filings so Texas small businesses can establish themselves quickly. This law will also make the new-veteran-owned business franchise tax exemption and business filing waiver permanent.
House Bill 2464 prevents cities from imposing regulations on certain home-based businesses.
House Bill 5195 requires state agencies to assess modernization of their internet website to make it easier to do business.
House Concurrent Resolution 142 designates Fort Worth as the aviation and defense capital of Texas.
Senate Bill 2206 increases the research and development franchise tax credit up to 11% for qualified research expenses and creates a refundable franchise tax credit.
Laws to bolster small businesses
June 12, Gov. Greg Abbott signed House Joint Resolution 1, House Bill 9, House Bill 346, House Bill 2464, and House Bill 5195 into law to support Texas’ small businesses while virtually attending a Houston luncheon.
Passed during the 89th Regular Legislative Session, these new laws will accelerate the process for starting a business in Texas and cut unnecessary government regulations on small businesses.
“The Texas economy is better than ever before,” said Abbott. “This session, we took strategic steps to boost small businesses in Texas. Even the smallest of barriers can increase the cost of doing business. We want to make it easier and less costly for businesses in Texas, especially our small business owners.”
During his virtual remarks to the Houston Regional Business Coalition, Abbott highlighted the strength of the Texas economy, noting that Houston is a big part of that success with the third most Fortune 500 headquarters in the nation and almost one million small businesses.
He also discussed the critical work accomplished during the 89th Regular Legislative Session to bolster Texas’ No. 1 ranking for business, including expanding business courts, codifying the business judgment rule, investing in water and grid infrastructure, and expanding career training programs. The laws signed by the Governor build on the progress started under his Small Business Freedom Council, which he launched last year to review government efficiency for Texas businesses and provide recommendations to cut unnecessary government regulations.
House Joint Resolution 1/ House Bill 9 increases the business personal property tax exemption from $2,500 to $125,000, an almost 5,000% increase.
House Bill 346 allows the Secretary of State to offer expedited business filings so Texas small businesses can establish themselves quickly. This law will also make the new-veteran-owned business franchise tax exemption and business filing waiver permanent.
House Bill 2464 prevents cities from imposing regulations on certain home-based businesses.
House Bill 5195 requires state agencies to assess modernization of their internet website to make it easier to do business.
