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Texas' Leading Business Group Endorses Tax Plan

Location: Austin, TX

Texas' Leading Business Group Endorses Tax Plan

Gov. Rick Perry today announced the Texas Association of Business, which represents more than 140,000 employers and millions of Texas workers, has endorsed the Perry-Sharp property tax relief and school finance plan.

"I am proud to welcome the state's largest association of employers to the growing number of organizations, opinion leaders and lawmakers who have publicly endorsed our plan," Perry said. "The support of the Texas Association of Business sends a clear signal that this plan is good for employers, good for workers, and good for the Texas economy. When you consider the diversity of TAB's membership, this is a ringing endorsement of the fairness of this plan for all sectors of the economy."

Perry said that if the legislature passes this plan, homeowners, businesses and the entire Texas economy will benefit from a record $6 billion property tax cut, which is the largest in Texas history.

"With record property tax relief, homeownership will become more affordable and the greatest impediment to job growth in Texas will be addressed," Perry said. "Employers will benefit because our tax system will be fairer, the tax base will be broader, and the tax rate will be lower than today. Workers will benefit as employers act on new incentives that reward investments in salaries, healthcare coverage and pensions. And our entire economy will benefit as thousands of new jobs are created and as Texans take $1.5 billion in total tax savings and spend it at local establishments."

The TAB endorsement adds to the plan's momentum ahead of the special legislative session that will begin next week. Yesterday, the Corpus Christi Chamber of Commerce announced its support, calling it a creative plan to overhaul the current Texas business tax. Perry last week announced that nearly two dozen trade, education and taxpayer associations had endorsed the plan, representing 3 million Texans.

"With six days before the session starts, a clear consensus is emerging, and the outlook has never been better," Perry said. "We have the right plan, a broad base of support, and mounting momentum that makes me optimistic our plan will win approval in both houses of the legislature."

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