Tax-relief plan headed to governor
Proponents are calling it the “biggest property tax cut in Texas history.” Both chambers of the Texas Legislature passed an $18 billion package during the second special session, the Austin American-Statesman reported.If signed as expected by Gov. Greg Abbott, the bill raises the homestead exemption to $100,000, with an additional $40,000 exemption for owners 65 and older. It also dedicates more than $12 billion to lower school property taxes.Agreement on a tax cut plan took months of haggling between competing plans in the House and Senate. After House Speaker Dade Phelan and Lt. Gov. Dan Patrick met, a plan began to fall into place.“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,” Abbott said in a statement following the passage of the tax plan.The Legislature adjourned after passage of the bill in the House. Another special session is likely in the fall to address Abbott’s bid to enact a school voucher plan.
