State Budgets: Texas Faces Calls to Spend Surplus
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.
Was this page helpful to you?
Thank you!
The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work?
Contribute to the Tax FoundationLet us know how we can better serve you!
We work hard to make our analysis as useful as possible. Would you consider telling us more about how we can do better?
Give Us Feedback