Today, the Texas Comptroller released the state’s Biennial Revenue Estimate (BRE), revealing the state is expected to have more than $188 billion in general spending available for the 2024-25 biennium, 26 percent higher than 2022-23. TPPF pointed to the role responsible fiscal policy played in generating this historic revenue projection, while encouraging members to return the bulk of it to Texans through property tax relief.
“This result is a testament to the resilience of the Texas economy, as well as the legislature’s disciplined and responsible approach to budgeting in recent sessions,” said TPPF CEO Greg Sindelar. “It doesn’t hurt that Texas also has the best business climate in the country attracting thousands of companies and workers to set up shop here. Our legislature can continue the record of success by passing another conservative Texas Budget.”
In addition, the Comptroller reported the general revenue-related surplus to be $32.7 billion for the 2024-25 biennium. This unprecedented windfall gives the next Texas legislature a historic opportunity to enact the biggest tax cut in Texas history.
“The 2023 Texas Legislature has a historic opportunity to provide Texans with real tax relief using this windfall budget surplus,” says TPPF’s James Quintero. “This is a once-in-a-generation chance to help people cope with the current cost-of-living crisis and set Texas apart from other tax-and-spend states. TPPF looks forward to working with Governor Abbott, Lt. Gov. Dan Patrick, and Speaker Dade Phelan on passing the largest tax cuts in Texas history.”