Gov. Abbott Signs $3.8 Billion Tax Cut Package Into Law
AUSTIN, Texas (AP) — Gov. Greg Abbott has signed into law $3.8 billion in tax cuts for businesses and, potentially, for homeowners.
The Republican made slashing taxes a top priority of his first legislative session as governor, and headed to an Austin technology firm for Monday's signing ceremony.
Approved by the Republican-controlled Legislature, the new laws reduce business taxes by 25 percent. They also create a November ballot initiative, asking voters to approve tax reductions for homeowners.
If that passes, property taxes will fall about $120 annually for the average homeowner. But, in many areas, that could be swallowed up by fast-rising home appraisals.
Abbott said fee reductions push the value of the total tax package to $4 billion. He praised Texas' strong economy, but said tax cuts would help keep it that way.
Texas Lt. Gov. Dan Patrick made a brief stop in Wichita Falls recently to discuss the 84th Texas Legislative session.