As the 82nd Texas Legislature Session came to a close on May 30th, many are wondering what it means to business owners in the state of Texas.
Here’s a quick summary for business owners that own office space in Austin who might be wondering what to make of it all:
1. The most notable bill that was passed was Senate bill 18 for businesses which will enact fair eminent domain policy for business owners when a governmental entity has condemned property for its use. For more details, watch the video:
2. One bill that will be carried over into the special session is Senate Bill 1811. This bill includes a two-year extension of a state business tax exemption for companies with less than $1 million in revenue. If passed, this will be a win for Texas businesses and would prevent businesses with gross receipts from $600,000 to $1,000,000 from facing a new tax.
3. On the legal front, Texas businesses seem to be pleased with the Legislature regarding Tort Reform. Senate Bill 274 creates a “loser pay” tort system that would keep those that are being sued for “frivolous” reasons to recover their expenses in the lawsuit.
There are several more bills that could pass in a special session that was called on May 31st.