There were 31 new Texas laws that took effect on Jan. 1, ranging from property tax reform to insurance industry changes, most of which may impact businesses across the Rio Grande Valley.
Lawmakers argued that the tax on intangible personal property, which Texas was one of eight states that still levied until this year, discouraged business investment. Now the value of patents, intellectual property, and trademarks is no longer taxable.
HB22 was authored by State Rep. Candy Noble, R-Lucas, and sponsored by State Sen. Adam Hinojosa, R-Corpus Christi.
Municipalities must now hold an election after a natural disaster before adopting a property tax rate that’s higher than previously approved by voters. The goal is to limit how much taxing entities can raise property taxes after natural disasters for essential assistance only. The bill was filed in response to a double-digit tax increase in Harris County after Hurricane Beryl.
Continue Reading
- Unlimited news articles
- Full access to all exclusive content
This article is available to subscribers only. Sign up to continue reading.
Kristen Mosbrucker-Garza
Reporter
Kristen Mosbrucker-Garza is a versatile multimedia news reporter who lives and works along the Texas-Mexico border in Hidalgo County. Mosbrucker-Garza is a news reporter for the Rio Grande Valley Business Journal. During her career she's worked for the McAllen Monitor, San Antonio Business Journal, The Advocate Newspaper in Louisiana, Phoenix New Times, and public media outlets in Baltimore and Philadelphia.
Trending News
- Cameron County set to acquire B&M Bridge, adding fourth international crossing to its network
- Rhodes Enterprises goes all-in with a $100 million bet on South Texas renters
- Breaking: Mission businessman, Hidalgo County appraisal board member killed
- McAllen sets sights on regional tourism with $230 million Boeye Reservoir development
- Mission ambulance company faces third bankruptcy, vows no disruption in services
Get the latest business news delivered to your inbox every morning for free.
Stories That Matter
- South Texas Health System opens neurological ICU in McAllen after $12M renovation
- Brownsville economic development leader named among Texas’ most influential figures
- DHR Health sets aggressive push to double kidney transplants after record year
- Texas National Bank acquiring Citizens State in Starr County
- UTRGV football debut energizes Valley, fuels estimated $14.5M economic boost
- Reynosa, Matamoros drive Tamaulipas workforce past 1.7 million
- The story behind the Rio Grande Valley Business Journal
- Tim Hortons adds 5th Reynosa store in 2 years
- Walmart returns to Reynosa a decade after fire shut its only store
- A rail shortcut from Monterrey to Florida is now connected to Brownsville, linking the RGV to global supply chains
