Texas House passes property tax relief
HoustonChronicle.com - Texas House passes property tax relief: "The Texas House gave final approval today to a measure that would change the way Texans pay for public schools, replacing some property taxes with new consumer and business taxes.
The tax bill, which sharply divided the House, was approved by a 71-66 vote. It now moves to the Senate. Tax measures approved by the two chambers will likely end up before a panel from each side that would try to come up with a compromise.
The House bill would lower property taxes to $1.23 in 2006 and $1.12 the following year, but would replace that money by increasing the state sales tax from 6.25 percent to 7.25 percent and by closing loopholes in the state's main business tax."
The tax bill, which sharply divided the House, was approved by a 71-66 vote. It now moves to the Senate. Tax measures approved by the two chambers will likely end up before a panel from each side that would try to come up with a compromise.
The House bill would lower property taxes to $1.23 in 2006 and $1.12 the following year, but would replace that money by increasing the state sales tax from 6.25 percent to 7.25 percent and by closing loopholes in the state's main business tax."
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