The package could land on Gov. Greg Abbott’s desk by the end of the week. Voters must pass the plan in a constitutional election in November for it to take effect in the 2023 tax year.
“This is historic, this is big, and we all worked together to make this happen,” state Rep.The Senate Finance Committee is expected to approve similar legislation Wednesday. Both the House and the Senate are expected to schedule floor votes on the package on Thursday.’s desk by the end of the week. Abbott has said he plans to approve it. Voters must pass the plan in a constitutional election in November for it to take effect in the 2023 tax year.
The deal marks the end of a stalemate among the state’s top Republicans that lasted nearly seven months as they butted heads over how to dole out more than $12 billion in new tax breaks budgeted by lawmakers earlier this year. Another part of the plan would institute a three-year, 20% cap on appraisal increases for commercial and non-homesteaded properties valued at $5 million or below — a number that could be adjusted by the comptroller with inflation each year.
The plan shifts the school-tax burden by about three percentage points toward businesses, raising the share of the school property taxes paid by businesses from 52% to 55%, while homeowners’ shares drop from 48% to 44.8%, said Jennifer Raab, president of the business-backed Texas Taxpayers and Research Association.
House Democrats last week unveiled their own tax-cut package that would give tenants a cash refund equaling up to 10% of the rent they paid the previous year.
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