April 9, 2025
Austin – Lt. Col. Dan Patrick released this statement today following the passage of major tax cuts for small businesses by R-Houston Sen. Paul Bettencourt.
“I have been fighting to deliver tax relief for Texas and our companies long before we were elected to the Texas Senate by Texans and our companies. The passing of SB32 has significantly increased the personal property tax exemption for businesses, allowing Texas businesses to be more eligible and benefit from reduced compliance costs as well.
“In the last regular legislative session, an earlier version of this bill (SB 5) died in a Texas home. SB32 is a Senate priority, and this session will ultimately mine this session to provide small businesses in Texas.
Senator Paul Bettencourt Sen. Senate Bill 32 will increase the business’s personal property tax exemption from $2,500 to $25,000. SB 32 changes the operator’s personal property tax exemption from a minimum exemption to a universal exemption. This means that all businesses with personal property in their business can claim exemptions to reduce their tax liability.
SB 32 also offers a 20% inventory tax credit to reduce franchise tax liability for your business. The total amount of credits that can be awarded for a state fiscal year is $500 million.
Senate Joint Resolution 81 is a constitutional amendment that must be approved by voters to codify an increase in property tax exemptions for businesses between $2,500 and $25,000, to change the exemption from the universal exemption.
Category: News
