Texas Senator César Blanco of District 29 was one of the 116 sponsors of Senate Bill 3, which goes into effect in 2024.
The bill will double the state’s franchise tax deduction for businesses, allowing up to $2.47 million of taxable revenue to be exempted.
As a result, approximately 67,000 businesses, including many in El Paso, will pay 0$ in franchise tax. In addition, those businesses will not be required to file a “No-Tax-Due franchise tax return,” reducing accounting costs.
Sen. Blanco was also one of 11 Democratic senators to join with Republicans as co-sponsor of Senate Bill 2, which raises the school tax exemption from $40,000 to $100,000 of the appraised value of an individual’s homestead.
Thank you, Senator, for your bipartisan effort to provide us with tax relief!
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