Proposing a constitutional amendment concerning the limitation on the rate of growth in appropriations and the use of unencumbered surplus state revenues to provide for a rebate of state franchise taxes, to reduce public school district property taxes, and to fund the state’s rainy day fund.

Relating to the computation of the franchise tax; decreasing the rates of the franchise tax.

Relating to the repeal of the franchise tax.

The franchise tax has been levied in Texas for over 100 years and has existed in a variety of forms, from a capital stock tax, to a tax on net earnings, to its current form as a tax on margin.

Update on current tax and fiscal issues in Texas.