Gov. Abbott signs $3.8B tax cut package into law - KXXV-TV News Channel 25 - Central Texas News and Weather for Waco, Temple, Killeen |

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.

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