The Senate has introduced a proposed budget, SB 2, which proposed to provide $4 Billion in tax relief.
The bill anticipates changes to the franchise tax which would provide an estimated $1 billion in relief, as well as another $3 billion for property tax relief during the 2016-17 biennium.
Additionally in order to maintain a fully funded Foundation School Program the Senate budget also proposed -
- General Revenue funding for the FSP to be increased by $4 billion in the 2016-17 biennium (contingent on the passage of tax relief provisions noted above) and distributed in the following manner:
- The Texas Education Agency is appropriated the amount by which the revenues in the Property Tax Relief Fund decrease as a result of passed legislation for franchise tax reform, estimated to be $1 billion.
Legislation must be passed that holds school districts and charter schools harmless for the revenue impact of the property tax relief, estimated to be $3 billion for the 2016-17 biennium.