Tax cuts

The Republican governor is trying once again to focus lawmakers' attention on cutting income taxes during a special session set to begin Jan. 29.

As double-digit revenue growth comes to an end, Southwest governors are crafting budgets to deal with the new normal.

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.

Flush with bond authorization from the Nov. 7 election, officials are formulating issuance plans, while Colorado's governor called lawmakers back to session after a property tax cut measure was defeated by voters.

The state's strong reserves contributed to brighter rating outlooks from Moody's Investors Service and, earlier this year, S&P Global Ratings.

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.

States nationwide saw slower general fund revenue growth in fiscal 2023 after gains the previous two fiscal years fueled by high inflation and federal stimulus.

After months of feuding on how to deliver a massive property tax cut, lawmakers finally passed legislation for an $18 billion package.

Legislative leaders said they agreed to an $18 billion package that includes a reduction in school property taxes and a higher homestead exemption.

The $54.3 billion spending plan for fiscal 2024 is $5.4 billion larger than last year's and $1.2 billion more than the proposal Gov. Phil Murphy pitched in February. It features tax-relief programs and tax code changes.