Texas’ economy is so red hot, the state comptroller soon will increase his revenue projections for the current cycle by a “significant” amount. Republican...
In October, state leaders socked away $3 billion of President Joe Biden’s American Rescue Plan Act state fiscal recovery aid for future use to buy down school property taxes.
“It is imperative that state agencies remain fiscally and operationally efficient with state resources,” wrote Sarah Hicks, Abbott’s top budget and policy aide, and Jerry McGinty, director of the Legislative Budget Board, a 10-member group of key lawmakers. For several months, it’s been obvious sales tax receipts were running well above Hegar’s conservative guess last November.during the current fiscal year’s first 10 months, a 20.6% increase from the same period the previous year.
For September through June, oil and gas severance tax collections increased over the same period in fiscal 2021 by 89.7% and 192.6%, respectively. However, 75% of any growth in energy production tax revenues is dedicated to the rainy day fund and the state highway fund.Hegar, the state’s Republican tax collector and revenue estimator, said that later this month, he’ll revise his “certification revenue estimate” from last fall.
“As a result of a sustained period of historically high revenues, later this month Hegar will provide an update to the Certification Revenue Estimate published in November 2021,” his office’s press release said. “That update will result in a significant increase in estimated revenue available for the 2022-23 biennium.”
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