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.
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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.
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