Governor Greg Abbott has enacted a series of laws aimed at reducing barriers for small businesses in Texas. At the Fort Worth Economic Development Partnership luncheon, Abbott signed House Bill 346, House Bill 2464, House Bill 5195, House Concurrent Resolution 142, and Senate Bill 2206 into law. These legislative measures were passed during the 89th Regular Legislative Session with the intention of accelerating the business startup process and eliminating unnecessary regulations.
“Most businesses in the state are actually small businesses,” stated 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 speech, Abbott emphasized Texas’ strong economy and its favorable environment for starting and owning a business. He highlighted Fort Worth’s contribution to Texas’ economy, particularly in military capacity and aerospace technology. Additionally, he mentioned pro-business legislation that protects shareholders from frivolous lawsuits and increases business personal property tax exemptions.
The new laws are part of ongoing efforts initiated by Abbott’s Small Business Freedom Council to enhance government efficiency for Texas businesses by cutting unnecessary regulations.
Abbott was joined by several officials including Senators Kelly Hancock, Bryan Hughes, Royce West; Representatives Benjamin Bumgarner, Charlie Geren, Caroline Harris Davila among others; as well as Mayor Mattie Parker; Robert Allen from the Fort Worth Economic Development Partnership; along with other local officials and business leaders.
House Bill 346 allows expedited business filings through the Secretary of State to facilitate quick establishment of small businesses in Texas while making certain tax exemptions permanent for new veteran-owned businesses.
House Bill 2464 restricts cities from imposing regulations on specific home-based businesses.
House Bill 5195 mandates state agencies to modernize their websites to simplify business operations online.
House Concurrent Resolution 142 officially designates Fort Worth as Texas’ aviation and defense capital.
Senate Bill 2206 increases research and development franchise tax credits up to 11% for qualified expenses while creating a refundable franchise tax credit.
