New Texas Legislation Could Affect Austin Businesses
On behalf of John McDuff, Attorney at Law posted in Business Transactions
The Austin Business Journal reported that Texas lawmakers have over 7,500 pieces of proposed legislation to consider this session. Incredibly, over 5,000 of these bills could affect Austin businesses, and experts estimate that one in five bills will be signed into law at some point. Texas’ economic climate is much different one than a year ago, prompting the flurry of proposed laws.
This presents an overwhelming number of changes for small and midsized businesses, as most entities don’t have in-house counsel to monitor the Austin business law scene on a daily basis. What may have been an advisable transaction last year may no longer be in the company’s best interest, or vice versa. Because of this dynamic economy, prudent Austin businesses often rely on the skill and experience of a business attorney to guide them in business transactions. Below are a few of the proposed laws that could impact Austin businesses:
- One piece of legislation would help businesses owned by disabled veterans when they are bidding for state contracts, as reported by KFDM Austin. The bill seeks to put these qualified companies in a category with businesses owned by minorities or women, therefore requiring Texas agencies to make efforts in awarding these groups a certain percentage of government contracts each year.
- House Bill 433 was recently presented to the Small Business and Economic Development Committee. Said bill would present a state tax break to qualified manufacturing companies. The bill’s goal is to stop the loss of Texas manufacturing jobs and entice companies into expanding operations within the state.
- Texas legislature continues its challenge to the federal health care legislation President Obama signed into law in 2010. The success or failure of the challenge could have a tremendous impact on healthcare-related businesses across in Travis County.
As Texas lawmakers mull over the 7,500 bills, remember that reputable business lawyers stay attuned to law changes that may impact their clients.