June 26, 202388th Legislation, Texas State Senate

State Senator Drew Springer’s Capitol Update

Hello Friends,

This week the Texas Senate passed a new property tax plan that will provide Texans with $18 billion in property tax relief, which is $400 million more than previous plans. I am very excited about SB 26 and SJR 2 because this plan will give Texans the largest property tax cut in history! This plan:

Provides homeowners with record-breaking property tax savings by raising the homestead exemption to $100,000. In the first year this will result in an average savings of $1270 for those under 65 and $1450 for those over 65. In the second year, the plan will provide an average savings of $1300 for those under 65 and $1500 for those over 65.
Compresses school taxes from 2.5% to 1.75%, resulting in a 30% permanent reduction in future tax levy increases paid by taxpayers.
Doubles the franchise tax deduction for businesses to $2.47 million, exempting 67,000 small to medium-sized businesses from paying the franchise tax.
- The plan also removes the requirement to file a No-Tax Due franchise tax return, saving businesses time and money.

If you would like to learn more, I encourage you to click the link below to watch the press conference Lt. Governor Patrick, my fellow Senators, and I held for SB 26 and SJR 2.

Click Here To Watch The Press Conference

This Week In The District

On Thursday evening, I had the honor of joining Sheriff Tracy Murphree for the kick-off of his re-election campaign for Denton County Sheriff. The room was packed full of folks who turned out to support him! Sheriff Murphree was elected as the Denton County Sheriff in 2016 after he served nearly 30 years in law enforcement. I am thankful for all the hard work he has done to keep Denton County safe!