After weeks of negotiation, nearly $4 billion in tax relief is on the way.
It was announced late yesterday that a compromise had been reached between the House and Senate that achieves several key policy goal-markers Texans for Fiscal Responsibility had set for 2015.
Most notably, our position to see the onerous business franchise tax reformed and reduced (preferably to elimination) is central to the proposal.
According to a statement from Gov. Greg Abbott, Lt. Gov. Dan Patrick and Speaker Joe Straus, the deal would be an across-the-board 25 percent rate reduction for all businesses. Even better, the budget deal would set the state on a pathway towards the elimination of the inefficient and burdensome tax.
For individuals, the budget deal means increasing the homestead exemption by $10,000 – including property tax bills that will be due next year. The homestead exemption would have to be approved by voters in November.
This budget deal marks major wins for conservative activists around the state. The deal isn’t done, but the progress demonstrates just how important it is for Texans to remain in the fight.