Gov. Greg Abbott recently shed light on legislative policies intended to maintain Texas’ thriving economy.
“Success doesn’t just happen—it’s the result of years of tireless work,” Abbott said at a luncheon hosted by the San Antonio Chamber of Commerce on March 3, according to a press release. “With a strong, pro-growth agenda this session, we will keep Texas the number one state in the nation for economic development and job creation.”
At a fireside chat during the luncheon, Abbott discussed various economic growth efforts including infrastructure upgrades, regulatory reforms, workforce development, cutting property taxes and ensuring all residents have access to education freedom. He classified the latter two as emergency items for the 88th Legislature. Abbott plans to cut property taxes by using $15 billion of the state’s budget surplus. He proposes offering relief for all property taxpayers, increasing the tax rate compression to lower school district M&O tax rates, increasing the business personal property tax exemption and requiring that local government debt be passed by a two-thirds supermajority of the local governing body.
“Some Texans cannot afford to stay in their own homes because of sky-high property taxes,” the cut property taxes emergency item states. “We must fix that this legislative session.”
According to the emergency item memo, Abbott has already passed numerous significant property tax reforms since taking office in 2015. This has included providing over $18 billion for property tax relief, increasing the homestead exemption from $25,000 to $40,000, and increasing the Business Personal Property tax exemption to $2,500, and increasing the accessibility of property tax information.
During the fireside chat, Abbott praised the hard work of business and community leaders, and pledged to work together to ensure Texans reap the benefits of a booming economy.
In addition to Abbott, the chat featured FirstDay Foundation President and CEO Kevin Dinnin and greater: SATX President and CEO Jenna Saucedo-Herrera. It was moderated by San Antonio Chamber of Commerce Board Chair Katie Harvey.
