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.

Praised for being one of the most “business-friendly” states in the nation, companies ranging from Fortune 500 powerhouses to smaller startups and ventures choose the Lone Star State for new factories, data centers, manufacturing facilities, satellite offices and headquarters.