The newly formed Texas Hispanic Chamber of Commerce Coalition plans to advocate for meaningful tax relief for small businesses. As small businesses continue to recover from the pandemic and deal with record-high inflation and supply chain disruptions, now is the time for Texas to deliver meaningful tax relief for small businesses. Our state finds itself in a unique position of deciding what to do with a budget surplus of nearly $33 billion. Discussions in the halls of our state capitol surround the opportunity for historic property tax relief , making it top of the list of how to spend the money. There is a lot of talk of tax relief, and some action — including the House and Senate proposing budget bills that allocate $15 billion towards property tax relief. Homeowners may be at the forefront of the conversation, but we can’t forget about the 3.1 million small businesses in Texas that also need meaningful tax relief. Texas is one of only nine states in the U.S. that imposes tangible personal property taxes on businesses , also referred to as the inventory tax. Businesses pay a tax on almost everything in their building, such as furniture, computers, equipment and […]
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