Lone Star Ledge Report: Top 5 Things Business Leaders Must Know Now
As Texas’s 89th Legislative Session enters its final stretch, it's crucial for you to remain informed and engaged.
At IGC Institute, we understand these legislative decisions directly shape your economic environment, workforce capabilities, and community cohesion. Here are critical updates we recommend you track:
Election Oversight and Voting Access
Recent legislative proposals may significantly change how elections are managed, affecting local oversight and voter accessibility. Key issues being discussed include:
Increasing the Texas Attorney General’s authority over election enforcement
Standardizing rules for poll watchers across counties
Raising penalties for administrative errors during elections
Potential reductions in access to countywide voting centers in certain areas
The Bottom Line: Stable and transparent elections create an environment where businesses can thrive. Uncertainty about election processes could negatively impact Texas’s attractiveness for investment and economic growth.
2. Workforce Development and Wages
Businesses and labor groups are having ongoing debates about raising the minimum wage to $15/hour. Additionally, there are several proposals to strengthen workforce development, including:
Expanding workforce training grants in sectors such as manufacturing, technology, and green energy
Encouraging partnerships between businesses and community colleges to enhance skill development
The Bottom Line: Attracting and retaining skilled workers is critical to Texas’s long-term economic competitiveness. Workforce initiatives can help mitigate talent shortages and support business growth.
3. State Budget Decisions
The House approved a historic $337 billion biennial budget now under Senate review. Key points under discussion are:
Allocating parts of the $51 billion property tax relief fund to support homeowners and small businesses
Adjustments in border security funding, specifically regarding commercial crossing infrastructure
Balancing investment in public education with limited support for private school voucher programs
The Bottom Line: Budget decisions directly influence business operations, expansion opportunities, and Texas’s economic health.
4. Education
Negotiations continue on Senate Bill 2 (private school vouchers) and House Bill 2 (public school funding). Key discussion points include:
The potential effects of reallocating public funds to private education
Discussions around diversity, equity, and inclusion initiatives in higher education
Shifting educational focus towards workforce readiness
The Bottom Line: Educational policies shape the quality and preparedness of future employees, directly impacting sectors like healthcare, finance, and technology.
5. Property Taxes
Lawmakers are examining several property tax reforms, including:
Permanently increasing homestead exemptions
Providing relief for small commercial properties
Evaluating alternatives to traditional property tax models, possibly shifting to consumption-based taxes
The Bottom Line: Property tax reform can significantly impact business expenses, freeing resources for investment and expansion.
At IGC Institute, we believe your informed and proactive engagement is vital to shaping Texas’s future positively. Stay involved as these critical legislative decisions unfold.