Texas’ business tax is bringing in $1.2 billion less than expected in its first year, the comptroller’s office said last week. That means the Legislature must find other sources to offset the shortfall in the tax that was designed to subsidize a cut in local school property tax rates.

The business tax, which was due for the first time in 2008, was part of a package passed by the Legislature in 2006 that lowered local school property tax rates to comply with a court order to change the state’s public education financing system.

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