(AUSTIN) — In the September edition of Fiscal Notes, released today, the Comptroller’s office provides a biennial overview of the most important legislation passed during the 86th session of the Texas Legislature, which concluded May 27. The Legislature addressed several major issues, including meaningful reforms to public education and the state’s local property tax system.
“My original Biennial Revenue Estimate (BRE) and a subsequent update that increased the amount available for spending allowed the Legislature to pass an all funds budget of approximately $250 billion,” Texas Comptroller Glenn Hegar said. “Key pieces of legislation addressed local property tax issues and provided additional state funding for teachers and public school students.”
This issue also takes a look at Texas’ reaction to the U.S. Supreme Court’s Wayfair decision, which allows states to impose sales tax collection responsibilities on out-of-state retailers even if they have no physical presence in the state. New legislation and rules may yield an additional $500 million in state revenue annually in the wake of Wayfair.
Fiscal Notes furthers the Comptroller’s constitutional responsibility to monitor the state’s economy and estimate state government revenues. It has been published since 1975, featuring in-depth analysis concerning state finances and original research by subject-matter experts in the Comptroller’s office.