Texas House, Senate Advance $18B Tax Relief Bill

A property tax relief bill is on its way to Gov. Greg Abbott for his signature. The Texas House and Senate on Thursday both adjourned the second special session of the year after passing legislation that took months of wrangling. The 18-billion-dollar package increases the state's homestead exemption to 100-thousand-dollars, lowers school property tax rates, and exempts certain businesses from paying a franchise tax. The Senate unanimously passed the legislation on Wednesday, and the House followed through on Thursday.

“I made a promise to Texans during my campaign that the State of Texas would use at least $13.5 billion from our historic budget surplus to provide substantial relief to property taxpayers across Texas," said Abbott. "Today, we will deliver even more with over $18 billion in property tax cuts. The Texas House and Senate fulfilled our promise with an agreement that delivers a comprehensive, long-lasting solution to increasingly burdensome property tax bills. 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. I look forward to signing this legislation into law to provide Texans with the largest property tax cut in Texas history.”