Texas Border Business
DALLAS – Appearing on WFAA’s “Y’all-itics,” NFIB Texas State Director Jeff Burdett and NFIB Small Business Owner Member Tim Green urge Texas voters to vote ‘YES’ on Prop 9 to provide immediate, meaningful inventory tax relief to small business owners and let Texas Main Streets thrive.
Prop 9 increases the inventory tax (also known as the business personal property tax) exemption from $2,500 to $125,000, allowing small business owners to keep more of their hard-earned money and reinvest in their employees and community.
CLICK HERE to listen to the full conversation.
Green, who is a small business owner in Alvarado, said when it comes to tax relief, “every little bit helps.” He went on to describe how the tax savings would allow him to reinvest in his workforce, such as helping cover the cost of health insurance and cost-of-living increases.
Describing how the inventory tax hurts small business owners, Burdett said: “If you took a business, and you turned it upside down, and shook it, everything that falls out is subject to the business personal property tax. So your desk, a computer, a chair, a file cabinet. But also the inventory for making whatever you’re making. Machines for whatever you‘re making. Even the raw materials waiting to be made into something, is all part of this business personal property tax.”
Burdett went on to describe the history of the inventory tax, the bipartisan support in the Legislature for inventory tax relief, and why Texas voters should vote ‘YES’ on Prop 9 this November.
“It’s been around since the 1970s. In 1985, there was an exemption amount that was put in at $2,500, meaning you could exempt the first $2,500. Now, we’ve gone 30 more years without an exemption increase, and we know how much costs have increased since then. We were able to get the exemption increased during the Legislature to $125,000.”
“Because it was a business personal property tax, and all property taxes are in the state constitution, we had to have a two-thirds vote from both chambers, which passed easily. We were able to get that done. Now, we need the voters to come out and vote ‘YES’ for it to take effect.”
CLICK HERE to listen to the full conversation.
Background:
Prop 9 is a constitutional amendment on the November 4th ballot to raise the exemption for business personal property tax (also known as the inventory tax) from $2,500 to $125,000.
Its passage would save Texas small businesses over $500 million annually and make the State even more competitive among its neighbors.
Learn more: https://www.nfib.com/taxcuttexas/.
