The tax-cut package - the final piece of which was approved by the House and Senate late on Sunday - includes an extension of a business franchise tax exemption for small businesses and a rate cut for businesses of all sizes.
The Republican-majority legislature also approved about $300 million in electricity rebates.
Perry, a Republican, had called on lawmakers to pass tax relief for businesses. Thirty-five states are taking up tax reform in their current legislative sessions, according to a recent survey by the National Conference of State Legislatures.
Texas' franchise tax legislation removes inequities and lowers the tax rate for more than 800,000 businesses, according to Lieutenant Governor David Dewhurst, a Republican.
Passing the proposal "sends a clear message that we are committed to sustaining the country's best climate for job creation and economic growth here in Texas," Dewhurst said.
Monday, May 27, 2013
CA RAISES TAXES: TX CUTS TAXES
Yes. It is the tale of two very, very different ways of governing. One is freedom. The other is suppression.