Texas lawmakers finalize $3.8B in tax cuts

AUSTIN, Texas (AP) - Texas lawmakers have finalized $3.8 billion in tax cuts in a deal struck a week before the end of Republican Gov. Greg Abbott's first legislative session.

Abbott announced late Thursday an agreement on the biggest Texas tax cuts in a decade. He called it "meaningful" tax relief that will stimulate the economy.

But the deal isn't as robust as Abbott and other Texas GOP leaders spent months promising. Nearly $1 billion was shaved off earlier Republican proposals amid concerns over a downturn in the oil and gas industry and recent statewide job losses.

Texas homeowners would save roughly $120 a year on property taxes under the deal that voters must still approve in November. Even some Republicans have conceded those savings are likely to be swallowed by rising home appraisals.

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 This material may not be published, broadcast, rewritten or redistributed.

Up Next:


  • Popular

  • Recent

WATCH FOX 7 NEWS LIVE

FOX 7 News streams at the following times (all times Central):


Monday - Friday

4:30 a.m. - 10 a.m.

12 p.m. - 12:30 p.m.

5 p.m. - 6 p.m.

9 p.m. - 10:30 p.m.

Saturday

6 a.m. - 8 a.m.

6 p.m. to 6:30 p.m.

9 p.m. to 10 p.m.

Sunday

6 a.m. - 8 a.m.

5 p.m. to 5:30 p.m.

9 p.m. to 10 p.m.



Schedule subject to change in the event of network sports coverage.

We also stream press conferences and other breaking news coverage from time to time. When we are not in a live newscast, you will see replays of the most recent broadcast.

To enter full screen Mode click the button.

For closed captioning, click on the button while in full screen mode.

Desktop/tablet users: To choose the stream's video quality, click on the button (while in full screen mode) and choose from 432p or 270p.

Mobile users:The video quality default is to your phone's settings.

Please allow time for buffering. If the stream stalls, refresh your browser. Thanks for watching

Stories You May Be Interested In - Includes Advertiser Stories