DALLAS — Texas' 209.4 billion biennial budget needs only Gov. Greg Abbott's signature after certification by state Comptroller Glenn Hegar.
Hegar pronounced the budget for fiscal years 2016-17 "fiscally sound," and "well under the constitutional spending limit."
The Texas Constitution requires that the budget be certified by the Comptroller, who verifies that the spending authorized by the Legislature matches available revenues.
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 the last days of the 2015 session, Hegar wrote a letter to legislative leaders and Abbott to be mindful of the state's triple-A credit rating in the process of cutting taxes.
"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."
Lawmakers approved 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%, resulting in an additional $2.6 billion in savings for Texas businesses.
