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Article: Back on the Table in Texas: State Income Tax Proposals.
- Article from:
- The Bond Buyer
- Article date:
- April 24, 2006
- Author:
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DALLAS -- The Texas Legislature reconvenes today for the second week of a special session on school finance, with lawmakers scheduled to weigh in on subjects ranging from a new state income tax to tobacco bonds.
The session was called in response to an order by the Texas Supreme Court to reduce the state's reliance on local property taxes for funding public education. Gov. Rick Perry and key lawmakers have touted a proposal to decrease the maximum local school district property tax rate allowed by state law to $1 per $100 of assessed valuation from $1.50.
Currently, about 62% of the approximately $33 billion spent per year on public school operations in ...