Comptroller Certifies 2016-17 Texas State Budget
Texas Insider Report: AUSTIN Texas I applaud the Legislature for passing a responsible budget that will keep the state funded for the next two years while providing much deserved tax relief for the citizens of Texas" said Texas Comptroller Glenn Hegar while announcing his certification of House Bill 1 the general appropriations bill. HB 1 was approved by both houses of the Texas Legislature during the recently ended Regular Session of the 84th Texas Legislature.
This is a fiscally sound budget that is well under the constitutional spending limit and falls within the revenue estimate our agency provided lawmakers back in January" Hegar said.
The bill is now headed to the desk of Gov. Greg Abbott.
HB 1 appropriates $209.4 billion in total spending for the states budget for the 2016-17 biennium.
The Legislature also passed bills increasing the homestead exemption on school district property taxes from $15000 to $25000 resulting in a $1.2 billion tax break for Texas homeowners and reducing the franchise tax by 25 percent resulting in an additional $2.6 billion in savings for Texas businesses.
At Hegars urging budget writers also included provisions to address long-term balance sheet issues such as increased pension funding and investments in transportation infrastructure in order to maintain the states financial health.
Im pleased the Legislature took a solid step forward in addressing many of the long-term issues I raised" Hegar said.
I look forward to working with the Legislature to continue this commitment because addressing the states long-term liabilities will protect the state and our credit rating which will save us all money in the long run."
