The deal would give $12 billion to reduce the school property tax rate for homeowners, reduce taxes on certain residential and commercial properties, and more. It is expected to pass later this week.
said the last week of negotiations among himself, Phelan and members of both chambers "made the difference."
According to Phelan's office, the legislation, expected to be passed this week, includes more than $12 billion to reduce the school property tax rate for homeowners and business properties; an increase to the homestead exemption from $40,000 to $100,000; and savings on the franchise tax for small businesses. It would also include a so-called "circuit breaker" program for residential and commercial properties valued at $5 million and under.
Republicans came to Austin this year with a nearly $33 billion surplus and big promises to use a big chunk of it to provide tax relief to Texas property owners, who pay some of the highest property taxes in the nation. But for most of the year, the heads of the House and Senate - Phelan and Patrick - couldn't come to terms on how to do it.
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