WICHITA FALLS, Texas (KAUZ) – Proposition 9 could be a game-changer for small businesses across Texas, including those in Wichita Falls.
Currently, the state allows small businesses an exemption of up to $2,500 on equipment such as computers, vehicles, machinery, and office supplies from being taxed by local entities like cities, counties and school districts.
If approved, Proposition 9 would raise that exemption dramatically from $2,500 to $125,000, meaning many small businesses would no longer owe local property taxes on their equipment.
Supporters say the measure could help small businesses reinvest their money into growth, hiring and community development. However, political science professor Steve Garrison said it could have negative effects on local governments.
“If we start doing this, it would cut about $193 million of tax revenue out of the state. So that’s going to be a big issue. Obviously, it would allow smaller businesses more revenue to do whatever it is that they need to do one way or another, but it’s also going to cut out funding for local school districts,” Garrison said.
Polls open Nov. 4, to learn more about the remaining propositions, click here.
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