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June 9, 2015

Texas Comptroller Certifies 2016-17 State Budget

(AUSTIN) — Texas Comptroller Glenn Hegar today announced his certification of House Bill 1, the general appropriations bill, which was approved by both houses during the recently gaveled Regular Session of the 84th Texas Legislature. The bill is now headed to the desk of Gov. Greg Abbott.

HB 1 appropriates $209.4 billion in total spending for the state’s budget for the 2016-17 biennium.

“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. “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.”

The Legislature also passed bills increasing the homestead exemption on school district property taxes from $15,000 to $25,000, 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 Hegar’s 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 state’s financial health.

“I’m 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 state’s long-term liabilities will protect the state and our credit rating, which will save us all money in the long run.”

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