If voters allow the state to spend billions in taxpayer money to pay for the cuts, an outcome that seems likely given voters’ support of tax cuts in the past, the changes would be applied for the 2023 tax bills due in January. Story by TexasTribune.
, R-Conroe, is the constitutional amendment that will go before voters in November and would authorize the state to enact the cuts in those two bills.
Owner-occupied properties that already have a homestead exemption would also see that benefit automatically increase from $40,000 to $100,000 with no action required. The expanded franchise tax exemption and 20% appraisal cap do not apply to property that already gets the homestead exemption. Texans 65 and older and those with disabilities, many of whom are on fixed or limited incomes, have had their school property taxes frozen for many years to protect them from rising tax rates and property values. But because of the way the $40,000 exemption increase was written, those homesteaders did not benefit from the higher exemption when voters approved it last year.
It wouldn’t be necessary for a business to be headquartered in Texas in order to get the property tax breaks; any land it owns within the state would qualify to receive the benefits if it doesn’t exceed the value limit. The tax-cuts package would also double the amount of revenue a business could make before it has to start paying franchise taxes from $1.24 million in a year to $2.47 million. The move would remove roughly 67,000 additional small-to-medium businesses from the franchise tax rolls.
Rental properties valued under $5 million each also would qualify for the year-over-year 20% cap on appraisal values for the next three years.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2023 NFL preseason: How to watch, full schedule, streaming info and moreFootball is (un)officially back! This week, the 2023 NFL preseason opens with the Hall of Fame Game between the Cleveland Browns and the New York Jets, kicking off three weeks full of football that concludes with a nationally broadcast game between the Houston Texans and New Orleans Saints — and that's all before the 2023 NFL regular season even starts. Ready to watch some football? Here's everything you need to know about how to watch the 2023 NFL preseason, including the full preseason schedule, where to stream NFL games this year and more.
Read more »
Your August Horoscope Is Here & Your Life Is About To Feel EasierWe’ve arrived at August 2023 and your monthly horoscope is here.
Read more »
17 Fashion Trends People Say They're Already Sick Of Seeing In 2023'It was the one decade I'd always hoped would never make a comeback...'
Read more »
Volkswagen Group Increased Global BEV Sales In Q2 2023 By 53%In Q2 2023, Volkswagen Group's all-electric vehicle sales amounted to about 180,600 (up 53% year-over-year), which was 7.7%.
Read more »
The best hydroelectric generators for 2023These surprisingly powerful devices can turn the power of running water into current. Options range from powerful to very portable.
Read more »
10 Dallas-area high school football storylines to watch in 2023The 2023 Texas high school football season is right around the corner. On Monday, Class A through 4A and private schools will begin summer practices with the...
Read more »