The Texas Senate has released what it’s calling some of the most substantial tax relief in state history. Lieutenant Governor Dan Patrick joined Senate leaders to announce Senate bills 1, 7 and 8 Tuesday, which would cut $4.6 billion in property and businesses taxes for the 2016-2017 budget cycle.

Senate Bill 1 would cut school property taxes by $2.5 billion, or $200 per average homeowner, by changing the mandatory homestead exemption. That rate has been a flat $15,000 for more than 15 years, but would now change to 25 percent of the statewide median home value. This bill would require voter approval because it would amend the state constitution.

The other two pieces of legislation would affect business taxes. Senate Bill 7 would permanently cut the business franchise tax by 15 percent. Senate Bill 8 would raise the franchise tax revenue threshold from $1 million to $4 million. Officials say that would exempt about 60,000 businesses from paying the franchise tax altogether.

This plan comes on the heels of Governor Abbott’s State of the State address earlier this month, when he said he would reject any budget without significant tax cuts. Senate leaders say their bill has bipartisan support. Meanwhile, House leaders say their chamber’s tax cut proposal would also top the $4 billion mark.