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:
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.
- 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.