The Texas Legislature heeded the call of business leaders to permanently extend and expand the state’s research-and-development tax credit, which is estimated to lead to the creation of 113,000 jobs and generate nearly $139 billion for the state’s gross domestic product over the next decade.

Speaker of the Texas House Dustin Burrows, a Lubbock Republican, offered his assessment Thursday at a luncheon presented by the Texas Taxpayers and Research Association and the Permian Basin Petroleum Association.  

Local government property tax rates are split into two distinct portions: one for maintenance and operations, and one for interest and sinking, or debt service on bonds used for specific projects. Operations revenue isn’t meant to repay debt, and vice versa, which Bettencourt said prompted his legislation.

Thanks to a flurry of legislative activity that took place in April, Tax Day could be less burdensome in the future for residents of a number of states.

House Bill 9, authored by Rep. Morgan Meyer, R-University Park, would expand the exemption for tangible personal property from $2,500 to $250,000 of the appraised value. Personal property includes equipment, furniture and vehicles.