Laws signed to reduce barriers for small businesses
FORT WORTH — Governor Greg Abbott recently delivered remarks and signed House Bill 346, House Bill 2464, House Bill 5195, House Concurrent Resolution 142, and Senate Bill2206 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 Governor 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.”
During his remarks, Governor Abbott highlighted the strength of Texas’ booming economy and that Texas is the best place to start and own a business. While speaking at the Fort Worth Economic Development Partnership luncheon, he also touted the role that Forth Worth plays in the Texas economy and in advancing America’s leadership in military capacity and aerospace technology. Additionally, the Governor 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.
The Governor was joined by Senators Kelly Hancock, Bryan Hughes, Royce West; Representatives Benjamin Bumgarner, Charlie Geren, Caroline Harris Davila, John McQueeney, Morgan Meyer, Katrina Pierson, Nate Schatzline, David Spiller, Tony Tinderholt; Mayor Mattie Parker; Fort Worth Economic Development Partnership President and CEO Robert Allen; and other state and local officials and business leaders.
• House Bill 346 (Harris Davila/King) 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 (Hefner/Middleton) prevents cities from imposing regulations on certain home-based businesses.
• House Bill 5195 (Capriglione/Alvarado) requires state agencies to assess modernization of their internet website to make it easier to do business.
• House Concurrent Resolution 142 (Geren/Hancock) designates Fort Worth as the aviation and defense capital of Texas.
• Senate Bill 2206 (Bettencourt/Geren) increases the research and development franchise tax credit up to 11% for qualified research expenses and creates a refundable franchise tax credit.
