The state will have an extra $27 billion in its coffers in 2023 — money that could help pay for property tax cuts and other legislative priorities.
And that number could continue to grow. The extra $27 billion comes from more revenue coming in to the state than expected during the current biennium. Other factors could continue to push it up.Lawmakers in the upcoming legislative session will also have $13.6 billion in their savings account, known as the rainy day fund — a $3.5 billion increase that is more than double the amount the savings account normally grows heading into a legislative year, Hegar said.
The massive revenues are largely a result of inflation and the Russian invasion of Ukraine, both of which have hurt Texans shopping at grocery stores, filling up their vehicles with gasoline and paying theirSales taxes are the primary driver of state revenues, so Texas coffers benefited from elevated prices of goods over the last year. The other main revenue stream for Texas is oil and gas production taxes.
The “staggering” amount of oil and gas production taxes collected by the state will help give lawmakers a variety of spending options. “Making sure that we have good, qualified employees and can retain them,” Hegar said of the need to increase pay for government staff. “Because you have to have a healthy state government to operate.”
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