On June 15th Gov. Greg Abbott hosted a bill signing ceremony at Advanced Micro Devices (AMD) in Austin, TX where he ceremonially signed into law HB 32 (D. Bonnen, R-Angleton; Nelson, R-Flower Mound), which permanently reduces the business franchise tax by 25 percent. Gov. Abbott also highlighted several bills that he signed into law to reduce the property tax burden on homeowners, eliminate occupational licensing fees for more than 600,000 Texas professionals, and increase transparency to hold local taxing districts more accountable to voters.
“Hardworking Texans have forged a strong and diversified economy, growing more jobs last year than any year in the history of Texas,” Abbott said. “But we cannot be complacent. The best job creation program is tax reduction. While other states are increasing taxes and driving out businesses, the State of Texas is cutting more than $4 billion in taxes and fees.”
HB 7 (Darby, R-San Angelo; Nelson, R-Flower Mound): The Largest Single Tax Repeal of the 84th Legislative Session ends the “Professionals Tax” a $200 annual fee on accountants, architects, attorneys, chiropractors, dentists, engineers, interior designers, investment advisers, landscape architects, land surveyors, optometrists, physicians, property tax consultants, psychologists, real estate brokers, and veterinarians, saving over 600,000 Texas professionals $125,000,000 annually.
(Information from Greg Herzog and report from Office of Governor of Texas.)