Texas hauled in more sales tax than ever before in December, setting a new monthly high for the third consecutive month as businesses and consumers sent...
Texas’ economic rebound from the coronavirus pandemic has been so robust, and state leaders, so cautious about spending, that in 22 months the treasury should have nearly $25 billion parked on the sidelines, Comptroller Glenn Hegar said Thursday.Hegar, a Republican who is the state’s chief tax collector and revenue estimator, likes to look at three-month averages of revenue receipts.
But even against the pre-pandemic fall of 2019, when Texas was booming, the past three months’ receipts have jumped by nearly 17%, said Hegar, who concluded that the state is seeing “exceptional growth.” Under a 1940s “pay as you go” amendment to the Texas Constitution, Hegar’s two-year revenue estimate, issued at the start of every regular session of the Legislature, sets a ceiling on how much lawmakers can spend.“If things keep going the way they’re going in the first four months of the fiscal year 2022, we’ll end with a couple billion more in just sales tax alone” than the $38.6 billion of the consumption tax that Hegar has forecast would arrive in the state treasury, DeLuna Castro said.
in early November. In it, he forecast that in the two-year cycle ending in August 2023, $135.3 billion in state general-purpose revenue will flow into the treasury.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Bill Increases Third-Party Delivery App Transparency in TexasUnder SB 911, restaurants can sue a third-party delivery service if it violates certain terms
Read more »
North Texas Schools Prepare For Students To Return As Omicron RagesSchools and districts across North Texas are working to keep students and staff safe as they return from Winter Break while omicron surges.
Read more »
Fish fell from the sky in East TexasThe East Texas city of Texarkana experienced a rare weather event to close out the year: It rained fish.
Read more »
Texas State temporarily moves spring classes online because of COVIDFace-to-face instruction for all Texas State University courses will resume on January 31, 2022, according to President Denise M. Trauth. No classes are being canceled.
Read more »
Here’s what we know about how the omicron variant is impacting school reopenings in North TexasSome districts are making changes to their health and safety protocols. However, the majority have not announced significant changes to spring semester plans.
Read more »