Houston Daily

Governor Greg Abbott signed several bills into law at the Fort Worth Economic Development Partnership luncheon, aiming to enhance Texas' business-friendly environment. These laws, passed during the 89th Regular Legislative Session, are designed to streamline the process of starting a business in Texas and reduce government regulations on small businesses.

"Most businesses in the state are actually small businesses," said 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."

Governor Abbott emphasized Texas' strong economy and its favorable conditions for starting and owning a business. He acknowledged Fort Worth's contribution to the state's economy, particularly in military capacity and aerospace technology. The Governor also mentioned new legislation supporting pro-business initiatives, such as codifying the business judgment rule, protecting shareholders from frivolous lawsuits, and increasing exemptions for business personal property tax.

The newly signed laws build on efforts initiated by Governor Abbott's Small Business Freedom Council, which he launched last year to evaluate government efficiency for Texas businesses and suggest regulatory reductions.

Present at the event were Senators Kelly Hancock, Bryan Hughes, Royce West; Representatives Benjamin Bumgarner, Charlie Geren, Caroline Harris Davila, John McQueeney, Morgan Meyer, Katrina Pierson, Nate Schatzline, David Spiller, Tony Tinderholt; Mayor Mattie Parker; Fort Worth Economic Development Partnership President and CEO Robert Allen; along with other officials and business leaders.

House Bill 346 allows expedited business filings by the Secretary of State to facilitate quick establishment of Texas small businesses. It also makes permanent certain tax exemptions for new veteran-owned businesses.

House Bill 2464 restricts cities from regulating specific home-based businesses.

House Bill 5195 mandates state agencies to update their websites for easier business transactions.

House Concurrent Resolution 142 designates Fort Worth as Texas' aviation and defense capital.

Senate Bill 2206 raises the research and development franchise tax credit up to 11% for qualified expenses and introduces a refundable franchise tax credit.