Texas Conservative Update on House Bill 1
The good news is that Comptroller Susan Combs has given us an increase forecast based on more recent data. Apparently revenues will be up an additional 1.2 billion dollars.
“Maintaining a cautious outlook for the next biennium, my office estimates sales tax, oil production tax and motor vehicle sales tax will bring in more revenue than previously estimated in the next biennium. We are updating the revenue estimate after reviewing numerous economic indicators and yesterday’s franchise tax filing deadline.”
The General Appropriations Bill (House Bill One) was passed, though it was out of committee. And it was passed with out action on critical Article Three, which is the education funding for the budget. Continuing discussion between the House and Senate are ongoing.
Texas Sales Tax receipts are up since January, fueled in part by the increase in oil revenues. Because of this, the future revenue report for 2011 is looking very good, a bit of welcome news as lawmakers struggle with what had been a $27 billion shortfall prediction.
Deliberations on House Bill 1, Article Three may determine the fate of this legislative session. A special session may have to be called to pass a final budget.