A landmark $18 billion tax cut for property owners in the state is headed to Gov. Abbott’s desk, ending a monthslong stalemate among the state’s top Republicans with a deal that drew near-unanimous support from legislators. | via TexasTribune
A landmark $18 billion tax cut for property owners in the state is headed to Gov. Greg Abbott’s desk late Thursday, ending a monthslong stalemate among the state’s top Republicans with a deal that drew near-unanimous support from legislators.
A cheer went up on the chamber floors upon the passage of the three bills that make up the package: Senate Bill 2, which details the proposed property tax cuts; Senate Bill 3, a franchise tax relief bill; and House Joint Resolution 2, a constitutional amendment required to authorize the tax cuts. “The Texas House and Senate fulfilled our promise with an agreement that delivers a comprehensive, long-lasting solution to increasingly burdensome property tax bills,” Abbott said in a statement after the bills passed. “I thank my partners in the Texas Legislature for coming together to honor the best interests of hardworking Texans who want to own their property—not rent it from the government.”
Leaders have referred to that part of the bill as a “circuit breaker” program, but it’s somewhat of a misnomer. Unlike programs in other parts of the country with the same name, the Texas proposal does not calculate property taxes based on a person’s income or ability to pay, nor does it specifically seek to benefit lower-income taxpayers.Including more than $5 billion approved four years ago, the legislation also allocates nearly $12.6 billion to reduce the school property tax rate by 10.
The idea was intended to pacify an increasingly angry and impatient public school community — who have been expecting a pay raise since last year’s campaign season — until lawmakers can agree on an education package in another special session expected for later this year. And while businesses applauded the overall lowering of taxes, some taxpayer groups and conservative economists said the resulting share of the tax burden would be even larger now for businesses.
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