AUSTIN – Today, the Texas House of Representative and the Texas Senate passed House Bill 500, a bill that offers over $700 million in business tax relief and makes permanent the $1 million small business tax exemption.
“HB 500 will go far to improve Texas’ business tax climate and job creation, and it is heartening to see it passed by the Legislature,” said Chuck DeVore, Vice President for Policy at the Texas Public Policy Foundation, “With businesses and entrepreneurs shouldering almost two-thirds of our state and local tax burden, what HB 500 accomplishes is nothing less than a direct boost to Texas jobs and prosperity. In making permanent the $1 million small-business tax exemption, HB 500 frees up our smallest job creators to focus on growing their businesses instead of worrying about the Texas Tax Code.
“We commend the Legislature for providing this much-needed tax relief for those who drive the economy that sustains or communities and homes.”
The Honorable Chuck DeVore is the Vice President for Policy at the Texas Public Policy Foundation. He served six years in the California Assembly and is the author of “The Texas Model: Prosperity in the Lone Star State and Lessons for America.”
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin.