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The Texas Senate advanced a bill on Wednesday to give business owners greater breaks on their land taxes – a key element of a Deal negotiated on how to reduce the land taxes of Texans.
Bill 9 by state rep. Morgan MeyerR-University Park, would exempt up to $ 125,000 from the inventory of tax companies by any tax entity, including school districts, cities and counties. Texas is one of the rare states that tax companies inventory, often also called corporate personal property. This property is currently exempt from tax if it is worth $ 2,500 or less.
The Senate approved the bill unanimously. The Texas House approved the bill in April, but must approve the modifications made to the Senate before it goes to the office of Governor Greg Abbott.
The bill, an absolute priority of the chamber president, Dustin Burrows, is part of a provision agreement between the leaders of the Chamber and the Senate on a set of land tax cuts which also includes breaks for the owners. A pair of Senate proposals would strengthen the exemption from family property of the State, which reduces the amount of the value of a house which can be imposed to pay public schools, from $ 100,000 to $ 140,000 – and exempt even more value from a house for owners who are older Texans or those who have disabilities.
These proposals – Bill 4 and the Senate bill 23 – are the main priorities for Lieutenant -Governor Dan Patrick, who heads the Senate. The two bills authorized the Senate but did not vote in the House.
Bill 9 represents a compromise between the editors of the Chamber and the Senate on the way of targeting tax alternatives for companies. Meyer wanted to bring the company’s personal land tax exemption to $ 250,000. Senate legislators proposed an exemption of $ 25,000 associated with a break on the tax on the state of the state of companies.
The first round of the tribfest speakers announced! Pulitzer prize winner Maureen Dowd; Rep. Tony GonzalesR-San Antonio; Mayor of Fort Worth Mattie Parker; The American senator Adam SchiffD-California; And we repeated American. Jasmine CrockettD-Dallas goes on stage from November 13 to 15 in Austin. Get your tickets today!