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Under the Dome
BREAKING NEWS - Tax Relief for Texans Announced: I am pleased to announce that the real winners are Texas Taxpayers. Yesterday, Governor Greg Abbott, Lt. Governor Dan Patrick and Speaker Joe Straus announced a $3.8 billion tax relief package for Texas businesses and homeowners.
The agreement reached includes:
- 25% permanent Franchise Tax reduction;
- $10,000 increase in the Homestead Exemption, beginning in 2015, subject to passage of a Constitutional Amendment adopted in the November election; and,
- SB 1760, requiring a 60% vote of the governing body of any taxing entity wishing to adopt an increase in property taxes that exceeds the effective tax rate.
Upon passage, my property tax relief legislation (SB 1760) will be a major catalyst in ensuring property owners benefit and realize the savings this session. Texans expect us to remain good stewards of their tax dollars and it is a privilege that we are able to return $3.8 billion to them with this comprehensive plan. Thank you to Lt. Governor Dan Patrick for asking me to serve on this session's tax negotiation team.
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