State budgets

A constitutional amendment approved by Texas voters Nov. 7 will reduce public school property taxes, leaving the state to make up for the revenue reduction.

The budget proposal keeps $16.3 billion in reserves and pays down an additional $455 million in debt. While providing $1.1 billion in tax relief to residents, the plan is $4.6 billion lower than the current fiscal year's budget.

States are required to reduce vehicle-related greenhouse gas emissions under the rule that was finalized last week.

While the state is boosting the budget reserve, it's also forecasting $1.4 billion in additional fiscal 2024 revenue that would be partially offset by spending pressures.

Without a lot of additional state and federal aid, New York City is forecasting it will spend about $12 billion in costs related to the influx of migrants to the city in fiscal years 2023, 2024 and 2025.

The amount of unspent funding for state and local capital projects is at a historically high $5 billion as projects struggle with rising construction costs.

Stabilizing the Highway Trust Fund and easing Buy America requirements are top congressional priorities for state transportation officials.

The time between the announcement of an award and the actual cash going out the door can be frustratingly long.

An increase in tax collections helped fuel the flow of billions of excess dollars into the state's previous budget, although growth in key sales tax revenue has slowed.

Large reserves will insulate states against downgrades in the near future, one rating agency says.

States use tax proceeds in a way that appeals to voters because recreational marijuana is often legalized through a referendum process.

Gov. Gretchen Whitmer chose Jen Flood, her deputy chief of staff, to replace Chris Harkins who is leaving state government later this year.

The state reported a $7.07 billion budget balance and $1.8 billion in its rainy day fund.

In January 2022, mobile sports betting went live. With a 51% tax rate on gross gaming revenues, New York, Rhode Island and New Hampshire have the highest gaming taxes in the nation.

"Further declines could weaken New York's tax revenue from the securities industry and have repercussions for our state and city budgets," said New York State Comptroller Thomas DiNapoli.

Revenue for the state's fiscal 2024-25 biennium that began Sept. 1 is projected to exceed the enacted budget by nearly $18.3 billion.

Several states enacted school voucher or tax credit laws this year, while Arizona officials grapple with rising costs in its universal program.

Kevin Stitt ordered a special session to put the state on a path to zero income taxes and consider a proposal sparked by a dispute over Native American taxation.

The state managed to grow revenues above forecast for the first two months of the fiscal year despite the delayed tax filing deadline.

The U.S. Court of Appeals for the Eleventh Circuit denied Treasury's motion for en banc review following its January panel decision that rendered the American Rescue Plan Act's Offset Provision "unconstitutionally unascertainable."