Lawmakers Extend Tax Breaks for Small Businesses
Today state lawmakers voted to extend tax breaks for small businesses. They apply to businesses that make less than $1 million a year. It was voted through to the full House 8-0 with three absent by the House Ways and Means Committee.
The bill has met some opposition because it cuts around $150 million over the next two years in funds to the state government, and considering lawmakers are facing a $27 billion shortfall, not wanting to lose this funding is understandable. Some also haven’t warmed up to the idea of raising the cut-off point from $600,000 to $1 million. If passed, it could take more funds away from education and healthcare.
The bill however does make things much easier on small businesses across the state. Supporters say the tax break will put money back in the infrastructure of the state’s economy. I agree. Giving small business owners a break on taxes means giving them more money to pump back into the economy and supporting the lifeblood that keeps so many Texans employed. I think taking $150 million away from the State government to take the strain off small businesses is a good choice. I don’t think it’s asking too much and it will help ensure Texas still has a functioning after the budget is finally fixed.