Texas Tomorrow Fund needs $211 million from the next state budget to close shortfall, comptroller says
Texas Comptroller Glenn Hegar told lawmakers Monday they need to set aside $211 million in the next biennium to cover a projected shortfall in the state’s original prepaid tuition plan, the first time the financially ailing program is expected to see its assets drop below zero.
Read MoreCRAYMER: HERE’S YOUR SESSION OUTLOOK FOR PROPERTY TAXES, FRANCHISE TAXES, SALES TAXES & THE BUDGET
Texas Insider Report: AUSTIN, Texas — The gavel is about to fall to convene the 86th Regular Session of the Texas Legislature. There’s always a bunch of sideline political noise on “must pass” issues, but in fact, lawmakers really have to pass only one bill: The State Budget.
Read MoreState lawmakers to have more money to spend, comptroller says
Despite a decline in oil and gas prices, the Texas economy is still growing and state revenue is increasing, Texas’ top accountant announced Monday. Texas Comptroller Glenn Hegar estimated that lawmakers returning to the Capitol on Tuesday will have as much as $119.1 billion in revenue available for general-purpose spending in the 2020-21 budget. That’s…
Read MoreGov. Abbott’s tax break for homeowners would sap billions in school funding
AUSTIN — Mary Nethery used to complain when the yearly property tax bill hit $5,000 for her 1,900-square-foot home in San Antonio. Now it’s pushing $9,000. In recent years, Nethery and other homeowners have shouldered an increasing burden for funding public schools in Texas, where property taxes climbed to the sixth-highest in the nation.
Read MoreLegislature to decide whether to extend tax abatements
The Victoria Economic Development Corp. wants to ensure the tax code that allows local governments to offer incentives for new-build investments in Texas is extended during the 2019 Texas Legislature.
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