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Top Priorities for Main Street Texans: Inventory Tax Relief and Permanent 20% Small Business Deduction

CONROE (April 25, 2024) – Small business owners in Texas are advocating for crucial tax relief measures at both the state and federal levels. NFIB State Director Jeff Burdett highlighted the importance of addressing inventory tax and making the 20% Small Business Deduction permanent during a recent discussion with ‘The Weekly Business Hour’ host Rick Schissler.

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During the last legislative session, the Texas Legislature took steps to curb property taxes, but more needs to be done to alleviate the burden of the inventory tax, according to Burdett:

“One of the key priorities is inventory tax relief, which pertains to business personal property tax. This tax applies to the inventory of goods that a small business holds, adding an additional layer of taxation. Addressing this issue could provide significant relief to small businesses in Texas.”

Without action from Congress, small business owners are facing a substantial tax increase in 2025. Burdett emphasized the urgency of making the 20% Small Business Deduction permanent:

“The impending expiration of the 20% Small Business Deduction in 2025 poses a significant threat to small businesses. This deduction, introduced in the 2017 tax cuts, is set to expire unless the Main Street Tax Certainty Act is passed. Failure to extend this deduction would result in a considerable tax hike for businesses, further exacerbating the challenges of inflation and labor shortages.”

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Reforming the business personal property tax has been a longstanding goal for NFIB Texas, with some business owners labeling it as “double taxation.” Ensuring the permanency of the Small Business Deduction remains a top priority for NFIB, as highlighted by the bipartisan support for the Main Street Tax Certainty Act among the Texas Congressional delegation.

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