The lawmakers don’t agree on everything, but in a show of bipartisanship, Democrats and Republicans from the upper chamber stood together to support the newest plan that’ll cost more than $18 billion.
PUBLISHED 6:39 PM CDT Jun. 20, 2023AUSTIN, Texas — The Texas Senate is pitching a new property tax relief plan, as the standoff with the House and governor continues.
“I want to thank the Texas House for bringing the Senate together,” said Sen. John Whitmire, D-Houston, which caused a laugh from other members.“This bill will give homeowners approximately a 41% cut in their school taxes. It will give businesses the biggest tax cut they’ve ever had. It preserves the homestead exemption,” said Lt. Gov. Dan Patrick, who leads the Senate.
Homestead exemptions are what the Senate has always wanted. Lt. Gov. Patrick insists the state must increase the amount of a home’s value that cannot be taxed. This latest version would also put more money toward driving down school district tax rates. And to give more businesses tax relief like the governor and House speaker want, the Senate doubled the franchise tax exemption, which expands the number of businesses that won’t have to pay.
“The governor is getting 72% almost, or 71%, of what he asked for. Anytime you get 70/30, I think you have a victory,” Lt. Gov. Patrick said. Lt. Gov. Dan Patrick asks the House to come back to the Texas Capitol to approve the Senate’s newly-passed property tax cut plan.
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