Senate Passes Patrick's Tax Cut Package
The Texas Senate on Wednesday approved Lt. Gov. Dan Patrick’s multi-billion dollar tax relief package to cut property and business margins taxes, tossing the ball into the House's court.
"Rather than spend excess revenue, the Senate has voted to return $4.6 billion to Texas homeowners and businesses over the next two years," Patrick said in a statement.
The biggest piece of that package, Senate Bill 1, authored by Senate Finance Chairwoman Jane Nelson, R-Flower Mound, passed the Senate 26 to 5. The bill devotes about $2.4 billion to increase homestead exemptions from school property taxes.
“We need to relieve some of this burden on homeowners, and that relief needs to correspond with home values, now and into the future,” Nelson said.
Read more: http://www.texastribune.org/2015/03/25/senate-debates-patricks-45-billion-tax-cuts-packag/
