LANGUAGE: ENGLISH / ESPAÑOL
Seal of the Senate of the State of Texas Welcome to the Official Website for the Texas Senate
Seal of the Senate of the State of Texas
Welcome to the official website for the
Texas Senate
 
Senator Jane Nelson: District 12
Senator Jane Nelson
P.O. Box 12068, State Capitol
Austin, Texas 78711
Tel. (512) 463-0112
News Release
FOR IMMEDIATE RELEASE
March 17, 2015
Contact: Megan Hanson
512-463-0112
SENATE FINANCE COMMITTEE APPROVES SB 1, 7

AUSTIN – The Senate Finance Committee today approved SB 1 and SB 7 by Texas State Senator Jane Nelson, R-Flower Mound, to provide approximately $4 billion in tax relief to Texas homeowners and businesses. The bills will now move before the full Senate.

"Thanks to the hard work of Texas families and businesses, our economy has produced more than enough money to meet our needs while also giving a significant amount of funds back to the taxpayer," said Senator Nelson. "Every dollar government spends is a dollar a taxpayer earned, so we need to return those dollars to them whenever possible."

SB 1 provides for more than $2 billion in property tax relief by setting the homestead exemption to 25 percent of the state's home median market value. SB 7 provides $1.8 billion in business tax relief by reducing the business franchise tax rate, also known as the margins tax, by 15 percent. It would also increase the availability of the E-Z tax calculation to businesses with revenue of $20 million or less and decrease the E-Z tax rate.

The Senate Finance Committee also approved SJR 1 by Senator Nelson, which would put the homestead exemption in front of voters as a constitutional amendment and would constitutionally dedicate the funds in SB 1, exempting them from the constitutional spending cap. SJR 1 also would constitutionally prohibit the establishment of any tax on real estate sales.

SENATOR JANE NELSON represents District 12, including portions of Tarrant and Denton Counties. She is Chairman of the Senate Finance Committee.

###