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Summer is in full swing, but back to school is right around the corner. Be sure to stay cool during these hot Texas days! Here are five things happening around your state: 1. Property tax relief measures passed, signed by Governor Abbott This month, the Texas Senate and House of Representatives came together and made a deal todeliver property tax relief to homeowners across the state. The $18 billion package is the largesttax cut in Texas history. Senate Bill 2, by Senator Paul Bettencourt and Representative MorganMeyer, includes an increase in the homestead exemption from $40,000 for most homes to$100,000. It will go into effect on this year’s property tax bill if the accompanying proposedconstitutional amendment is passed by the voters in November. The bill also includes $7 billionfor the reduction of school district maintenance and operations tax rates statewide. Senate Bill 2also includes a 3-year pilot project for non-homesteaded property valued at $5 million or underto receive a 20% circuitbreaker on appraised value increases. It also includes a change toCounty Appraisal District boards of directors to include 3 county-wide, elected director positionsin counties with a population of 75,000 or more. The accompanying legislation Senate Bill 3, by Senator Paul Bettencourt and RepresentativeCharlie Geren, incudes a doubling of the franchise tax exemption for businesses from $1.23million to $2.47 million. An estimated 67,000 businesses will no longer pay a franchise tax. Italso eliminates a “nuisancetax” for 1.7 million business owners who previously had to file no-tax-due forms for franchise taxes. I was proud to co-author and vote for both bills and thrilledthat the Governor signed the package.
