![Property Tax Relief Deal Struck Between the House and Senate [UPDATED]](https://i.headtopics.com/images/2023/7/11/houstonpress/property-tax-relief-deal-struck-between-the-house--property-tax-relief-deal-struck-between-the-house--1678733204050591745.webp)
After ongoing debates, a proposed $18 billion property tax deal was announced in a joint statement shared by House Speaker Dade Phelan and Lieutenant Governor Dan Patrick early Monday morning. The new plan will provide $12 billion to reduce school property tax rates for all homeowners and businesses properties, franchise...
After ongoing debates, a proposed $18 billion property tax deal was announced in a joint statement shared by House Speaker Dade Phelan and Lieutenant Governor Dan Patrick early Monday morning.
The legislation will be filed Monday and is expected to pass in both chambers later this week. The proposal will also create newly elected positions on local appraisal boards. In his first special session call, Governor Greg Abbott then suggested the lawmakers pass a plan that included tax compression only – sending state dollars to school districts to lower property tax rates. Phelan quickly took up Abbott’s proposal, leaving the House and the Senate at odds of who would compromise first.
Senate Bill 3 lays out the franchise tax exemptions on small businesses. According to Bettencourt, around 67,000 businesses won’t have to pay their franchise taxes. This measure will also eliminate a “nuisance tax” for 1.7 million taxpayers filing the no-tax-due forms for franchise taxes.
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