May 20, 2015 12:23 PM

Updated: Franchise tax compromise heads to full Senate, homestead exemption expected

All eyes turn to Dennis Bonnen to drop last piece of tax relief in place this session

Lawmakers appear to have landed on a franchise tax compromise, leaving the one missing part to tax relief this session the potential homestead exemption.

The Senate Finance Committee passed out its franchise tax relief bill this morning, combining House Bill 32 and House Bill 33 and passing out House Bill 32 on a vote of 8 to 2. The combination of actions – a 25 percent across-the-board cut and an increase in the E-Z rate threshold – is expected to cost $2.56 billion.

"For our economy to continue to thrive, for businesses to grow and for jobs to be created, we have to support our businesses," Nelson said. "This is a smart investment, not just for our economy but also for young Texans to grow up in a state with jobs and opportunities."

By Kimberly Reeves