The 89th Texas Legislature is kicking off with a $194.6 billion budget for 2026-27, marking a slight decrease from previous years.
Lawmakers on the House floor during Sine Die of the 88th Texas Legislative Session, at the Capitol in Austin, on May 29, 2023.FILE - Inmate firefighters battle the Mountain Fire at Swanhill Farms in Moorpark, Calif., on Nov. 7, 2024. PDS Red Flag Warning issued as Southern California tries to control massive wildfires: What is a PDS warning?
This report is crucial as it outlines the revenue available for state programs and services, guiding lawmakers in their fiscal planning.It comes just a few hours before the 89th Texas Legislature is set to begin on Tuesday with 181 lawmakers and more than 2,400 bills filed. Oil production taxes are another key player. Thanks to better technology, Texas can produce more oil with fewer rigs. This means oil production isn’t as closely tied to the number of rigs as it used to be, allowing for more efficient extraction.
The State Highway Fund and the Rainy Day Fund get a lot of their money from oil and natural gas taxes. The Highway Fund is set to receive $5.1 billion in 2026-27, and it won’t be affected by the cap on the Rainy Day Fund.
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