State lawmakers entered session on Tuesday facing a $1 billion revenue shortfall inflicted by the COVID-19 pandemic. One place the legislature could look to begin balancing the budget is the Texas Economic Development Act, better known as Texas Tax Code Chapter...
Budget
back to archiveTexas faces almost $1 billion budget shortfall
Texas Comptroller Glenn Hegar released the biennial revenue estimate on Monday, informing lawmakers the state is projected to have $112.5 billion in revenue for the 2022-23 budget. That’s a 0.4 percent decrease from 2020-21 biennium, which Hegar is projecting...
Texas’ Rainy Day Fund gets bigger — and dustier
Texas Comptroller Glenn Hegar recently announced that the state’s Economic Stabilization Fund, better known as the Rainy Day Fund, grew by $1.13 billion this year. The fund would have actually seen $1.6 billion transferred its way if not for the pandemic-driven...
Don’t trust Abbott’s budget cuts
A report by the Houston Chronicle on Thursday detailed the $1 billion in cuts Republicans are proposing to the state budget in response to the pandemic-driven recession. In a budget document obtained by the paper, $380 million cuts are slated for this fiscal year and...