Gov. Abbott signs $3.8B tax cut package into law

AUSTIN, Texas (AP) - Gov. Greg Abbott has signed into law $3.8 billion in tax cuts for businesses and, potentially, for homeowners.

The Republican made slashing taxes a top priority of his first legislative session as governor, and headed to an Austin technology firm for Monday's signing ceremony.

Approved by the Republican-controlled Legislature, the new laws reduce business taxes by 25 percent. They also create a November ballot initiative, asking voters to approve tax reductions for homeowners.

If that passes, property taxes will fall about $120 annually for the average homeowner. But, in many areas, that could be swallowed up by fast-rising home appraisals.

Abbott said fee reductions push the value of the total tax package to $4 billion. He praised Texas' strong economy, but said tax cuts would help keep it that way.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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