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Recent Pro Small Business Victories in Texas

Audio version available here:

Length: approx. 1 min. 30 sec.

Texas is already regarded as a great place to do business, with thousands of businesses relocating to the Lone Star State in the last decade. With its incentive programs, low taxes, high population, and relatively low cost of living, it’s easy to see why. Adding to its appeal, the Texas Legislature recently took on several measures to benefit Main Street.

In its 2023 regular session, the Texas Legislature advanced $18 million in property tax cuts, passed the Texas Regulatory Consistency Act, created business courts, and “a private sector option for paid family leave”.

These pieces of legislation bring significant benefits for businesses across Texas. From “a $100,000 homestead tax exemption, lowered school district tax rates, a 20% limit on…properties under $5 million in value”, and more, tax cuts can help business owners re-invest in their business by raising employee wages and hiring more staff. The Texas Regulatory Consistency Act simplifies compliance measures so business owners can worry less about staying within all state and local regulations. Meanwhile, the Texas business court will provide a “faster, more efficient, and more cost-effective dispute resolution mechanism for businesses”. Finally, Market-Based Family Leave presents employers with another benefit option for their employees without being a mandate.

Known for its business-friendly policies, Texas continues to increase its appeal for local businesses. But in order to benefit from recent legislation, business owners need to be sure they understand and stay in compliance with all regulations. That is where XQ CPA can help. Based in Texas, we are familiar with and can help you stay in compliance with both federal and state tax laws. Work with us by scheduling an appointment at the link below.

Phone: 832-295-3353

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