Governor Greg Abbott Signs $3.8 Billion Tax Cut - NBC 5 Dallas-Fort Worth

Covering politics throughout the state of Texas

Governor Greg Abbott Signs $3.8 Billion Tax Cut

    processing...

    NEWSLETTERS

    Governor Greg Abbott Signs $3.8 Billion Tax Cut
    NBC 5 News
    Texas Gov. Greg Abbott

    Governor 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.