Governor Abbott Signs Legislation Providing Over $4 Billion In Tax Relief For Businesses And Homeowners

WASHINGTON, D.C. – June 16, 2015 – (RealEstateRama) — Governor Greg Abbott today hosted a bill signing ceremony at Advanced Micro Devices (AMD) in Austin, TX where he ceremonially signed into law HB 32 (D. Bonnen, R-Angleton; Nelson, R-Flower Mound), which will permanently reduce the business franchise tax by 25 percent. Governor Abbott also highlighted several bills that he signed into law to reduce the property tax burden on homeowners, eliminate occupational licensing fees for more than 600,000 Texas professionals, and increase transparency to hold local taxing districts more accountable to voters.

AMD designs and integrates technology that powers millions of intelligent devices. In addition to being one of the largest private employers in Austin, TX, AMD also is one of the top ten franchise taxpayers in the city.

“Hardworking Texans have forged a strong and diversified economy, growing more jobs last year than any year in the history of Texas,” said Governor Abbott. “But we cannot be complacent. The best job creation program is tax reduction. While other states are increasing taxes and driving out businesses, the State of Texas is cutting more than $4 billion in taxes and fees.”

• SB 1 (Nelson, R-Flower Mound; D. Bonnen, R-Angleton): Relating to certain restrictions on the imposition of ad valorem taxes and to the duty of the state to reimburse certain political subdivisions for certain revenue loss; making conforming changes.
• HB 7 (Darby, R-San Angelo; Nelson, R-Flower Mound): Relating to certain fiscal matters affecting governmental entities; reducing or affecting the amounts or rates of certain taxes, assessments, surcharges, and fees.
• SB 1760 (Creighton, R-Conroe; D. Bonnen, R-Angleton): Relating to the transparent and equitable application of ad valorem tax procedures.