Sales tax increase is final hurdle for school finance
HoustonChronicle.com - Sales tax increase is final hurdle for school finance: "Lawmakers have given up on passing a broad-based business tax for school finance during the special session, leaving the amount of a sales tax hike as the major unresolved issue.
Early Monday, the Senate approved a $4.8 billion property tax cut bill after eliminating a proposed tax on partnerships. The Senate and House bills both close loopholes used by about 10,000 corporations to avoid paying the franchise tax.
The Senate version also increases the sales tax by a half-cent per dollar and raises alcohol and cigarette taxes. It provides about $2.7 billion less in property tax relief than the House bill, which includes a penny per dollar increase in the sales tax and an expansion of the tax on motor vehicle repairs, computer repairs and bottled water."
Early Monday, the Senate approved a $4.8 billion property tax cut bill after eliminating a proposed tax on partnerships. The Senate and House bills both close loopholes used by about 10,000 corporations to avoid paying the franchise tax.
The Senate version also increases the sales tax by a half-cent per dollar and raises alcohol and cigarette taxes. It provides about $2.7 billion less in property tax relief than the House bill, which includes a penny per dollar increase in the sales tax and an expansion of the tax on motor vehicle repairs, computer repairs and bottled water."
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