, said the legislation would lead to an $18 billion cut in taxes, if passed.
Speaker Phelan and I worked diligently together over the last week on the final bill. It made the difference. It may have taken overtime, but the process has produced a great bill for homeowners and businesses," said Lt. Gov. Patrick in a statement.Spend $12 billion on reducing the school property tax rate for all homeowners and business properties.
Legislation will also include savings on the franchise tax for small businesses and create newly elected positions on local appraisal boards. "Reducing property taxes, providing relief to small business owners, and reforming our appraisal system will ensure economic growth and prosperity, and this agreement is a significant victory for all Texans," said Speaker Phelan in a statementThe bill will be filed in the Texas Senate and House with the hope that they will be passed this week.