If the ABS light is NOT flashing, it is typically only a sensor or wiring to sensor issue and ABS WILL continue to operate correctly. IF the ABS light is flashing, it is the control module and ABS will NOT be working correctly. In TX, you can pass a safety inspection with the light lit as long as it is not flashing and/or the brake warning light on the dash is not on.
Also, if you have NOT been flushing your brake fluid regularly (at least every two years) it is probably dark or black and will over time destroy the module under the hood.