Plunging Oil Prices To Impact Texas Revenue
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AUSTIN (AP) - Plunging oil prices are expected to dampen how much money lawmakers will have to spend when the Texas Legislature returns to work this week.
Republican Comptroller Glenn Hegar Monday will announce the new state revenue estimate Monday. The number is a crucial starting point that tells budget writers how much money is available.
Tax relief and more roads are among the priorities that Republican Gov.-elect Greg Abbott and other lawmakers have outlined for the 140-day session. But tumbling oil prices have complicated those plans.
Budget observers and even some Republicans say the slowdown of the energy industry in Texas will likely rein in some campaign promises from a year ago. The current Texas budget spends over $100 billion in state funds.
The 84th Legislature convenes Tuesday.
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