Texas Senate budget writers kick out billions in tax cuts
Texas Senate budget writers approved legislation Tuesday containing more than $4.6 billion in tax cuts for homeowners and businesses despite complaints from the latter group about the size and nature of the relief.
Those bills will now be put to a vote in the full upper chamber.
The Senate Finance Committee voted 13-2 on a modified version of Senate Bill 1, filed by Committee Chairwoman Jane Nelson, R-Flower Mound.
The measure would cut homeowner property taxes by $2.2 billion over the next two fiscal years — reducing the average tax bill by more than $200 — by modifying the state’s school homestead exemption, which has been a flat $15,000 since 1997. The bill, which would require voter approval since it would amend the state constitution, calls for an exemption equal to 25 percent of the statewide median home value.
Senators John Whitmire, D-Houston, and Kevin Eltife, R-Tyler, were the two dissenting votes, with both senators saying the state’s many pressing needs should take priority over tax cuts.
Read more: http://www.statesman.com/news/news/state-regional-govt-politics/texas-senate-budget-writers-kick-out-billions-in-t/nkYQJ/
