Gov. Greg Abbott, Lt. Gov. Dan Patrick and House Speaker Joe Straus on May 21 jointly announced a $3.8 billion tax relief package for Texas businesses and homeowners. According to the announcement, the agreement reached by Patrick and Straus on a tax proposal, along with additional legislation, includes: 1. A 25 percent permanent reduction in the business margins tax; 2. A $10,000 increase in the homestead exemption, beginning in 2015, subject to passage of a constitutional amendment adopted in the November election; and.
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