On Tuesday, February 24, the Texas Senate unveiled its proposed tax relief package worth approximately $4.6 billion. Among the changes proposed by the Senate are Senate Bills 7 and 8, both of which would affect the Texas franchise tax. Senate Bill 7 would permanently reduce the franchise tax rate from 1% to 0.85% (and from 0.5% to 0.425% for wholesalers and retailers). Senate Bill 8 would expand the no tax due threshold from $1 million in Total Revenue to $4 million in Total Revenue. You can track the progress of these bills at the Texas Legislature Online website.