Rainy Day? Texas Economy Faces Coronavirus Impact
The coronavirus is slamming the U.S. economy, and is likely to hit the Texas economy pretty hard as well. With plunging oil prices and shuttered businesses across the state, the pandemic has threatened two of Texas’ biggest budget sources—oil revenues and sales taxes. State Comptroller Glenn Hegar has already signaled he may revise the budget downward for the next biennium, and is now offering to work with businesses who are struggling to pay their state taxes.