New $18B tax cut legislation - touted by GOP as largest in Texas history - signed by Gov. Abbott

📆 8/10/2023 2:20 PM
📰 abc13houston

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The new property tax bill signed by Gov. Abbott came from a record $30 billion-plus budget surplus. Now, it's up to the voters to approve the cuts when they go to the polls on Nov. 7.

A host of state lawmakers joined the governor on stage in New Caney Wednesday afternoon.

They lauded the $18 billion legislation, which raises homestead exemptions from $40,000 to $100,000, reduces the school tax rate, and eliminates or lowers the franchise tax for small businesses. "This legislation will usher in a new era of appraisal reforms in the state of Texas," Abbott said. "These monumental accomplishments were achieved because of the lieutenant governor and the Speaker working together and the House and Senate coming together to ensure Texans the tax relief they desperately deserve.

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