Texas legislators are hoping to use a $27 billion budget surplus to relieve skyrocketing property taxes in the 2023 session. But the state's constitution limits spending to about $12.5 billion more than what was allocated last session.
forecasts Wednesday to adopt a 12.3% estimated economic growth rate in the next budget cycle.
If they can’t, then lawmakers could simply skirt the issue by spurning Abbott’s big plans, passing a much smaller property-tax relief plan that doesn’t reach the spending limit, or even none at all — though by most accounts, the last option seems unlikely. Or they could vote by a simple majority to break the cap.“Historically, spending limits exist for a reason,” said John Hryhorchuk, senior vice president of policy and advocacy for the research group Texas 2036.
But Patrick said after the Legislative Budget Board meeting that he wouldn’t support busting the spending cap, which he said Abbott’s plan would likely do. Instead, he said, there are other ways to pass substantial relief, including homestead exemptions and a planned proposal to make it easier to spend more dollars in the state’s rainy day fund, without busting the cap.
“While there will be plenty of room under the decided spending limit in Texas, the Legislature should be especially prudent with taxpayer money by freezing the budget so that more surplus dollars are available to provide substantial property-tax relief to combat the affordability crisis driven by D.C. and local governments,” he said. “The focus should be on less spending so there can be more tax relief.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consensus 2023 Presented by CoinDesk | April 26-28, 2023There's still time to take advantage of our CyberMonday deal and grab your free passes to Consensus2023 👉
Read more »
For property tax relief, Lt. Gov. Dan Patrick pitches raising homestead exemption to $65,000As Texas sits on a massive $27 billion surplus heading into the next legislative session, Lt. Gov. Dan Patrick advocated on Wednesday for a tight spending plan that would focus primarily on cutting property taxes.
Read more »
Texas legislature calls FTX founder to testify in Feb. 2023 hearingThe Texas State Security Board scheduled a hearing and requested FTX founder Sam Bankman-Fried to testify about violations to the state Securities Act.
Read more »
The NFL can wait: Why Olu Fashanu will return to Penn State in 2023Penn State star offensive tackle Olu Fashanu will forgo being a first-round NFL draft pick to return to the Nittany Lions next season.
Read more »
Rivals.com - Commitment Breakdown: Four-star 2023 RB Kendrick Raphael to NC State
Read more »
Houston mayoral race 2023: State Sen. John Whitmire launches bid with Tilman Fertitta's helpThe race to succeed Houston Mayor Sylvester Turner expanded when John Whitmire made good on his intentions to run a year ago.
Read more »