New $18B tax cut legislation - touted by GOP as largest in Texas history - signed by Gov. Abbott

NEW CANEY, Texas (KTRK) -- The largest tax cut in Texas history is now in the hands of voters.

Gov. Greg Abbott signed into law property tax cuts that would cut the average homeowner's tax bill by roughly $1,300.

A host of state lawmakers joined the governor on stage in New Caney Wednesday afternoon.

They lauded the $18 billion legislation, which raises homestead exemptions from $40,000 to $100,000, reduces the school tax rate, and eliminates or lowers the franchise tax for small businesses.

"This legislation will usher in a new era of appraisal reforms in the state of Texas," Abbott said. "These monumental accomplishments were achieved because of the lieutenant governor (Dan Patrick) and the Speaker (of the House, Dade Phelan) working together and the House and Senate coming together to ensure Texans the tax relief they desperately deserve."

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The money comes from the record $30 billion-plus budget surplus.

Critics of the cut believe some of that money should have gone elsewhere - to expand access to healthcare coverage for uninsured Texans or to better fund public education.

Texas voters will have to approve the cuts when they go to the polls on Nov. 7.

The bills passed during the second special legislative session after both chambers failed to agree during the regular session and first special session.

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