State Budgets: Texas Faces Calls to Spend Surplus December 26, 2008 Joseph Bishop-Henchman Joseph Bishop-Henchman Halfway through the $170 billion 2008-09 biennial budget, Texas officials are now estimating a $2 billion surplus (down from earlier estimates of as much as $11 billion), plus $9 billion in a rainy day fund and $3 billion set aside for property tax relief. The new and problematic gross receipts margins tax is collecting $1 billion less than expected, but the sales tax is bringing in $1 billion more. As lawmakers convene on January 13 for their first legislative sitting since May 2007, they will be facing calls for additional spending on a variety of programs, including Gov. Rick Perry (R)’s request for a new movie incentive program. More on Texas here. Stay informed on the tax policies impacting you. Subscribe to get insights from our trusted experts delivered straight to your inbox. Subscribe Share Tweet Share Email Topics Texas Tags State Tax and Spending Policy