“I have been fighting to deliver tax relief for Texans and our businesses long before I was elected to the Texas Senate."
Texas Insider Report: AUSTIN, Texas – "Thanks to Senate Committee on Local Government Chair Paul Bettencourt and his continued leadership in reducing taxes for Texans, with the passage of Senate Bill 32 the Business Personal Property Tax Exemption will be significantly increased, and more Texas businesses will be eligible to receive it,” said Lt. Gov. Dan Patrick, after the Texas Senate passed a major tax cuts for small businesses, Senate Bill 32, by Sen. Paul Bettencourt (R-Houston.)
“I have been fighting to deliver tax relief for Texans and our businesses since long before I was elected to the Texas Senate. SB 32 is a priority of the Senate – and mine this session – to finally deliver the tax cut Texas small businesses deserve.“Last regular legislative session, a previous version of this bill (SB 5) died in the Texas House, so I look forward to Speaker Burrows and the Texas House’s swift action on this critical legislation,” said Patrick.
Sen. Paul Bettencourt's SB 32 would increases the Business Personal Property Tax Exemption from $2,500 to $25,000 – and also changes the Business Personal Property Tax Exemption from a de minimis exemption to a universal exemption, meaning all businesses with business personal property can claim the exemption to reduce their tax liability.
SB 32 also provides a 20% inventory tax credit to reduce a business’s franchise tax liability.
The total amount of credits that can be awarded in a state fiscal year is $500 million.
Senate Joint Resolution 81 is the Constitutional Amendment that must be approved by voters to codify the increase to the business personal property tax exemption from $2,500 to $25,000, and to change the exemption from a de minimis exemption to a universal exemption.
