Capitol Update: Tax Cuts Pass!

March 30, 2015

 

Dear Friends,

Last week, I proudly cast my vote for major tax relief legislation.

Senate Bill 1, Senate Joint Resolution 1, Senate Bill 7, and Senate Bill 8 make up a comprehensive package of property and business tax cuts that put hard-earned money back in Texans’ pockets. Business friendly policies and fiscal restraint have fortified our economy and allowed our state to thrive. Instead of spending the state’s excess revenue, the Senate has voted to return those funds to taxpayers.

The first two items, SB 1 and SJR 1, propose a constitutional amendment that would more than double the current homestead tax exemption. If these bills pass the House, you will have the opportunity to vote for the amendment in September of this year.

SB 7 and SB 8 are Texas’ first steps toward eliminating the franchise tax in our state. These bills permanently reduce the franchise tax by 15 percent and raise the franchise tax revenue exemption from $1 million to $4 million. I offered an amendment to SB 7, which was accepted and passed, that expands the number of businesses eligible to calculate their taxes using the E-Z form. These measures lower taxes and make it easier to pay what’s left.

Our office is also working hard to advance Senate Bill 9, legislation I authored that would recalculate the state spending cap. This constitutionally-mandated limitation on state spending is meant to keep appropriations from growing faster than the state’s economy. However, current law calculates the cap in such a way that it’s always just out of reach. The people of Texas have made it clear that they want a fiscally responsible state government. It’s time to ensure that the constitutional spending limit is no longer just a theory, but an enacted measure of fiscal restraint.

As we continue working through big issues this session, we want to hear from you. Please contact our offices in Austin or North Richland Hills to voice your thoughts at any time. Thank you for the privilege of serving you in the Texas State Senate.

Sincerely,

Kelly Hancock
State Senator, District 9


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