It's official: on Thursday, Gov. Rick Perry signed legislation that restructures the state business tax to help public schools and cuts property taxes.

Perry said the new law will help deliver a record $15.7 billion property tax reduction, which means taxes will be cut by one-third over the next two years.

It also includes a new business tax.

Perry said the old tax system allowed businesses with good accountants to avoid paying taxes.

The measure is one of five bills that were part of a school funding package legislators completed in the special session.