Latest news with #PropertyTaxRelief
Yahoo
4 days ago
- Business
- Yahoo
Texas' $338 billion budget passes Senate, heads to Gov. Abbott's desk
The Brief The Texas Legislature has passed a $338 billion state budget for the next two years, which now heads to Governor Greg Abbott for approval. Key spending areas include $51 billion for property tax relief, $8.5 billion for public education, and investments in the electrical grid and water infrastructure. Governor Abbott has 10 days to sign or veto the budget and related bills, or they will automatically become law. AUSTIN - The Texas Senate approved Senate Bill 1 on Saturday, marking the final passage of the state budget before it's signed by Gov. Greg Abbott. Here are some of the notable ways your tax dollars will be spent over the next two years. According to a Saturday release by Lt. Gov. Dan Patrick, the highlights of the budget are property tax relief, public education, and electrical grid and water infrastructure expansion. See breakdowns of the legislature's plans for these further down. In all, the legislature has passed a $338 billion budget to fund the state's operations for the next two years. Patrick's release notes that this is a 1.2% increase from the last biennium. The All State Funds budget for Texas is $237.1 billion, an increase of 4.8% from the last biennium. The House passed SB 1 on April 11. What they're saying Patrick's office released the following statement on his X account on Saturday: As noted by Patrick, $51 billion of the new budget is allocated towards property tax relief. What this means for the Texas homeowner is that more money will now be sent by the state to school districts, reducing the amount of property tax dollars those districts will collect from residents, in combination with a raising of the state's homestead exemption. The latter, a joint effort of Senate Bill 4 and Senate Joint Resolution 2, both passed in February, would raise the homestead exemption from $100,000 to $140,000, or $150,000 for seniors. This is the value of your home that cannot be taxed to pay for public schools; the remainder of the home's value is still eligible to be taxed. According to the Texas Tribune, this is a continuation of existing cuts that were passed in 2019. To read the Texas Tribune's full breakdown of property tax relief covered by SB 1, click here. Last week, the House and Senate were able to come to an agreement on Senate Bill 2, the sweeping school funding bill with a final price tag of $8.5 billion. The funding includes a $4.2 billion allotment towards pay raises for teachers and staff, as well as expanded incentive pay and teacher training programs. Some Texas school districts have already announced how they'll be using this funding. Other highlights include $1.3 billion for expenses like insurance, utilities and contributions to the state teacher retirement system. The increase in funding also feeds into special education funding, the funding of full-day pre-K for children of teachers, early learning interventions and career and technical education. Those changes add up to $2 billion. Also included is another $430 million for school safety improvements. Senate Bill 6, the proposal to increase Texas' electric grid reliability, and House Joint Resolution 7, which creates a state water fund, both await the governor's approval. SB 6 gives Texas oversight over energy transactions between power generators and the state's largest consumers of electricity. The Texas Tribune covered this legislation in depth in a report you can read here. HJR 7 allocates $1 billion towards the state's sales and use tax to create a water fund. The legislature plans to use this fund for projects to bolster the state's water supply. What's next SB 1 and the related legislation it would fund have either been approved or are awaiting the approval of the governor. Abbott has 10 days to either sign or veto the bills. After 10 days of no action, they would become law by default. The Source Information in this article comes from Lt. Gov. Dan Patrick, Texas Legislature Online, the Texas Tribune and previous FOX reporting.
Yahoo
4 days ago
- Business
- Yahoo
Texas legislature approves $338B state budget for next two years
AUSTIN (Nexstar) — The Texas Legislature has come to an agreement on the $338 billion budget that will fund state agencies and priorities over the next two fiscal years, including billions in property tax relief, billions in additional dollars for public schools and a new education savings account, and additional dollars for childcare. By law, the appropriations bill is the only piece of legislation the legislature must pass when they convene every two years. State Rep. Greg Bonnen, R – Friendswood — the chair of the House Appropriations Committee — laid out the final version of the bill on the House floor. 'This is a very responsible balanced budget that falls within all of our constitutional and statutory spending limits, and it meets the needs of our rapidly growing state,' Bonnen said. Bonnen laid out just some of the highlights of the bill. The budget addresses the workload on the Department of Public Safety as the state continues to grow by allocating $319 million to add an additional 467 new state troopers along with another $102 million to improve drivers license services. Lawmakers also approved a $10.4 billion investment in behavioral health services, including dollars for research and prevention of mental health disorders. More than $2 billion will go toward increasing the wages of personal care attendants from $10.60 an hour to $13 an hour. There is also money to help with a gap in healthcare in the state's rural areas. About $100 million will be added to the state's rural hospital grant program to help keep hospitals in these areas funded and open as many are closing their doors. The appropriations bill also includes $51 billion of property tax relief. That includes a measure — pending approval from voters in November — that will increase the homestead exemption for homeowners from $100,000 to $140,000. Supporters said it will save the average homeowner $500 annually. The final version of the budget increases the Foundation School Program by more than $13 billion to a total of $75.1 billion in all funds. The FSP is the primary source of state funding for public schools. In terms of education, the bill provides for the additional $8.5 billion of new funding for public schools and $1 billion for the state's newly adopted education savings account program, which will allow families to apply for state dollars to be used toward paying for private education. State Rep. Donna Howard, D – Austin, supports the appropriations bill but did mention that the new dollars for public funding still fall short of what schools need to catch back up with the costs of inflation and the lack of new state funding in previous sessions. 'Though it's not enough to get schools back to where they were in 2019, it's far better than current law or what the House and Senate were proposing back in January,' Howard said. Lt. Gov. Dan Patrick praised the budget and the work of Senate Finance Chair Joan Huffman. Patrick issued a statement after the Senate passed the legislation, noting investments in the electrical grid and water infrastructure that he said keep the state on 'a path to sustainable growth.' Patrick also highlighted plans to boost dementia research. 'The budget funds the creation of the Dementia Prevention and Research Institute of Texas (DPRIT), which will bring the best Dementia researchers and care providers to our state,' Patrick wrote. Voters will decide in November whether to establish DPRIT and transfer $3 billion to the Dementia Prevention & Research Fund from state general revenue to provide funding over the next 10 years. The appropriations bill will now head to the State Comptroller for certification. The comptroller will confirm that the spending bill does not exceed the amount of revenue available. After certification, the bill heads to the governor for approval. The governor does have the power to line-item veto specific appropriations in the bill. Once signed, the bill becomes law. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
12-02-2025
- Business
- Yahoo
Goshen School Board centers in on impactful legislation
GOSHEN — Goshen Community Schools is among the many districts keeping a close eye on the Indiana Statehouse during the legislative session. Two board members commented on bills making the rounds at the Statehouse during the Goshen Community Schools Board of Trustees meeting on Monday night, and district Superintendent Jim DuBois also noted that he's keeping watch on Indiana Senate Bill 1: Property Tax Relief The bill would make changes to homestead deductions, reduce property tax caps, and decrease spending on schools and other taxing entities. The plan would reduce taxes to Indiana schools by about $1.9 million, according to the state's Office of Fiscal and Management Analysis' Legislative Services Agency. DuBois said if approved, the estimates for Goshen Community Schools show the district losing up to $3.8 million in 2026, up to $4.6 million 2027 and up to $5.4 million in 2028. OTHER BOARD ITEMS Assistant Principal Jon Everingham, who is also serving as Career and Technical Education director for the district, discussed with the school board a project he's begun in order to evaluate the needs for pathway programming through high school. Everingham is working on a Comprehensive Local Needs Assessment that he hopes will allow him to present a proposal moving forward to the board before spring break. The CLNA looks at career center options offered across the region in order to determine what programs could be of most benefit to Goshen High School students. DuBois also said they've been in conversations about opening up a body shop to teach mechanics, but they need a comprehensive plan before they can move forward with any further pathways plans. • GCS Chief Financial Officer Bob Evans said summer projects this year will include replacement of parts of HVAC systems at Goshen Junior High School and Goshen High School; a small concession building for athletics and track reconstruction at the junior high; adding air conditioning to the high school gym, redoing the band parking lot, and a new press box, bleachers, and dugouts for the high school soccer field; courtyard renovation and classroom door replacements at Model Elementary School; and repair of a section of the roof at Waterford Elementary School. • Goshen Community Schools Foundation still has no representative from the school board. • Goshen High School Band Director Tom Cox was honored for receiving the Dr. William P. Foster Project Community Development Award North Central Division. • Tageeya Galeb was recognized for becoming a 2024 Elkhart County Lilly Endowment Community Scholar; Kendall Scott for making the Football Academic All-State Team; Ivon Rescalvo for competing in the Girls Wrestling State Competition and receiving seventh place in her weight class; Elsa Alstrom-Brookhyser for being accepted into the Indiana Junior All State Orchestra; and Miguel Aguilar Vargas, Emily Smith and Haleigh McKee for being accepted into the IMEA (Indiana Music Educators Association) Honor Band.
