window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-29484371-30');
Wednesday , October 16 2019
Lucha 2 728
Mountains 728
Amy’s Ambassadorship
Utep Football Generic 728
STEP 728
BTU Catrina 728
Bordertown Undergroun Show 728
Eco Ad 728
Home | News | Texas on pace to collect more tax revenues than predicted, but state comptroller has a few words of caution
Comptroller Glenn Hegar discusses the Biennial Revenue Estimate for the 2020-21 biennium at the state Capitol on Jan. 7, 2019.

Texas on pace to collect more tax revenues than predicted, but state comptroller has a few words of caution

Months after approving the state’s first quarter-trillion-dollar budget, lawmakers got word Thursday that the state’s income forecasts are even better than they expected.

In his latest official revenue estimate, which figures in the costs of legislation passed by lawmakers earlier this year, Comptroller Glenn Hegar said Texas government should end its current two-year budget period with $2.89 billion in cash left over. And it will have $9.35 billion in the Economic Stabilization Fund, better known as the rainy day fund.

In spite of that good news, Hegar expressed some caution in his letter to the governor and legislative leaders: “In fiscal 2019, the Texas economy continued to grow at rates among the highest in the nation. We are projecting continued expansion of the Texas economy in this biennium. The most likely scenario is one of steady expansion at a pace below that of the 2018-19 biennium. Risks to this estimate include ongoing uncertainty about trade and national economic policy, slowing global economic growth, and volatility in energy prices resulting from instability and potential conflict in the Middle East.”

The biggest improvements from Hegar’s last revenue estimate — produced before the legislative session began and revised in May — came from sales taxes, up $429 million; motor vehicle sales and rental taxes, $227 million; franchise taxes, $194 million; and oil production taxes, driven by higher estimates of the price of oil, $399 million. Some of that was offset by lowered estimates for revenue from insurance taxes, $188 million; natural gas production taxes, $211 million; and cigarette and tobacco taxes, $79 million.

Taxes on sales remain the state’s biggest source of general revenue, accounting for 54.2% of the total.

Lawmakers wrote and the governor signed a $250 billion budget this year, almost 16% bigger than the budget they produced two years ago, and one with significant new spending on public education and an effort to limit increases in property taxes levied by school districts and local governments.

Author: ROSS RAMSEYThe Texas Tribune

Disclosure: The Texas Comptroller of Public Accounts has been a financial supporter of The Texas Tribune, a nonprofit, nonpartisan news organization that is funded in part by donations from members, foundations and corporate sponsors. Financial supporters play no role in the Tribune’s journalism. Find a complete list of them here.

About The Texas Tribune

The Texas Tribune is a nonpartisan, nonprofit media organization that informs Texans — and engages with them – about public policy, politics, government and statewide issues. Facebook (@TexasTribune) Twitter (@TexasTribune) Instagram (@Texas_Tribune)

Check Also

U.S. House, including most Texas members, votes in disapproval of Trump’s Syria actions

WASHINGTON — The U.S. House, including several members from Texas, overwhelmingly passed a resolution Wednesday …

Amy’s Ambassadorship
Eco Ad 728
Lucha 2 728
Bordertown Undergroun Show 728
BTU Catrina 728
Mountains 728
Utep Football Generic 728
STEP 728
Rhinos 2019/2020 728