The Beginning of the End of the Franchise Tax
The Texas Senate delivered a historic tax relief package for homeowners and businesses this week. Senate Bill 1(SB 1), Senate Joint Resolution 1(SJR 1), Senate Bill 7 and Senate Bill 8 (SB 7 & SB 8) passed out of the Senate with strong bipartisan support.
We are leading the charge on true tax relief for Texans. These reforms will provide immediate and lasting economic relief to both homeowners and businesses.
Below is a recap of the Senate bills that were overwhelmingly voted on and approved this week.
SB 1 proposes to double the homestead exemption, saving homeowners hundreds of dollars. It will bring the first change and increase in nearly 20 years.
SJR 1 permanently prohibits a new tax on the sale of real estate by prohibiting it in the Texas Constitution.
SB 7 cuts franchise taxes by 15 percent across the board and makes compliance easier and less expensive for businesses under $10 million.
SB 8 exempts 52% of businesses from the franchise tax who gross under $4 million annually.
Read my full press release here for details on how homeowners and businesses will benefit from this tax relief package.
Lt Gov. Patrick and senators discuss major tax relief bills.
Significant Education Reform Legislative Update
The Senate continues working on our comprehensive education reform package. The following bills will continue our effort to make schools more accountable, prepare students for the workforce and gives parents more school options.
Senator Larry Taylor’s Senate Bill 4 (SB 4) will provide much needed school choice options for parents and students trapped in failing schools.
Sen. Larry Taylor’s Senate Bill 6 (SB 6) will also grade schools like students by providing an “A” through “F” accountability grade for public school campuses.
Senator Charles Perry’s Senate Bill 13 (SB 13) will better prepare high school students for a career, or college, sooner.
Senate Bill 14 (SB 14) by Sen. Larry Taylor and Senator Kel Seliger’s Senate Bill 893 (SB 893) will place a greater emphasis on classroom observation rather than student testing for determining teacher quality.
Highlights From the Week:
Lt. Governor Patrick enjoyed a live radio interview with
Chad Hasty on KFYO to reach out to West Texas constituents.
Lt. Governor Patrick and Texas Bishops held a
meeting to discuss the Catholic Church’s legislative issues.
Lt. Governor Patrick met with the Jewish Community
Relations Council for Jewish Communities Day at the Capitol.
Connect With My Office
I invite you to visit my website at www.ltgov.state.tx.us for the latest updates from the Texas Senate.
God Bless Texas,
“Whomever wants to be a leader among you must be your servant.”
Matthew 20:26 (NLT)