Texas Senators Unveil Texas Senate Taxpayer Relief Act
As your Lieutenant Governor I was pleased to join the chairwoman of Senate Finance, Senator Jane Nelson, and a bipartisan group of 24 Texas Senators to announce one of the largest tax relief packages in Texas’ history. It is a bold plan that provides $4.6 billion in property tax relief for struggling homeowners as well as big and small businesses trying to make ends meet.
At the end of the day, the Texas economy stays strong if people have more money in their pocket and if businesses have more money to create jobs.
Highlights of the tax relief package includes several pieces of legislation that will:
- Provide homeowners with immediate tax relief by raising the homestead exemption to 25 percent of the median market value of residential homesteads in Texas. Reduce the tax burden on Texas businesses by making permanent a 15 percent rate reduction in the franchise tax (SB 7 – Nelson).
- Support Texas small businesses by increasing the franchise tax exemption from the current $1 million exemption to $4 million. This will completely eliminate franchise tax liability for more than half of all small businesses currently paying the tax (SB 8 – Schwertner).
- The cumulative effect of these reforms to the franchise tax will save Texas businesses more than $2 billion over the next biennium.
- A proposed constitutional amendment will also protect homeowners by permanently banning any tax on the conveyance of real property (SB 1 & SJR- Nelson).
I’m proud to say this legislative package has bipartisan support and 24 Senators have signed on their support. This is the Senator’s bill and Senator’s Senate.
Texas Faith and Family Rally
I had the wonderful opportunity of speaking at the Texas Faith and Family Rally at the capitol, to show support for those who involve family values and faith in every aspect of their lives.
Transportation Bills Move Forward
Just six weeks into the 84th Legislative Session, the Texas Senate has clearly demonstrated that transportation funding is a top priority, one of my major initiatives and one of Governor Abbott’s emergency issues.
As I’ve said many times in the past, we’ve relied too heavily on debt and tolls. It’s time we guarantee an additional $5 billion in transportation funding for the next budget cycle.
God Bless Texas,
“Whomever wants to be a leader among you must be your servant.”
Matthew 20:26 (NLT)