News and Insights

Texas House Proposes $17.9 Billion Tax Plan

Tax Development Apr 28, 2004

Eight days into the special session called for school finance reform, Texas House leaders have presented a tax plan proposal that raises $17.9 billion in new taxes, while cutting school property tax and eliminating the "Robin Hood" plan. The additional revenue comes from a dramatic expansion of the sales tax to include most services, elimination of certain sales tax exemptions, an increase in state sales tax from 6.25% to 6.5%, and a uniform state property tax, among other things.