Governor Abbott Signs Laws To Bolster Texas Small Businesses

~ In a virtual address to the Houston Regional Business Coalition, Governor Greg Abbott announced the signing of five new laws aimed at supporting small businesses in Texas. These laws, passed during the 89th Regular Legislative Session, will streamline the process for starting a business in Texas and reduce unnecessary government regulations.

During his speech, Governor Abbott emphasized the strength of the Texas economy and its importance to the success of small businesses. He noted that Houston is a major contributor to this success, with the third most Fortune 500 headquarters in the nation and nearly one million small businesses.

The Governor also highlighted the accomplishments of the 89th Regular Legislative Session in maintaining Texas' ranking as the number one state for business. This includes expanding business courts, codifying the business judgment rule, investing in water and grid infrastructure, and expanding career training programs.

These new laws build upon the progress made by Governor Abbott's Small Business Freedom Council, which was launched last year to review government efficiency for Texas businesses and provide recommendations for cutting unnecessary regulations.

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One of these laws, House Joint Resolution 1/House Bill 9 (Meyer/Bettencourt), will significantly increase the business personal property tax exemption from $2,500 to $125,000 - a nearly 5,000% increase. This will provide much-needed relief for small businesses in Texas.

House Bill 346 (Harris Davila/King) will allow for expedited business filings through the Secretary of State's office, making it easier for small businesses to establish themselves quickly. This law also makes permanent the new-veteran-owned business franchise tax exemption and business filing waiver.

House Bill 2464 (Hefner/Middleton) aims to protect home-based businesses by preventing cities from imposing certain regulations on them.

Lastly, House Bill 5195 (Capriglione/Alvarado) requires state agencies to assess modernization of their internet websites to make it easier for businesses to conduct transactions.

Governor Abbott expressed his optimism for the future of small businesses in Texas, stating, "The Texas economy is better than ever before...We want to make it easier and less costly for businesses in Texas, especially our small business owners."

These new laws are a testament to the state's commitment to supporting and promoting small businesses, which are vital to the success of the Texas economy.

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