Next week, State Representative John Raney of Bryan will be in Austin participating in a meeting of the House Higher Education Committee.
This week, he was watching the Ways and Means Committee being asked to change categories inside the state’s business franchise tax. Raney says the growth in Texas business will offset any marginal loss of revenue by the reclassification.
In response to Governor Perry’s call for state agencies to draft future budgets with ten percent less money, Raney says he doesn’t know where those cuts will come from. Raney says more cuts could happen depending on state revenue. Raney also says “there’s not going to be any new taxes, that’s (in) my estimation.”
State Rep. John Raney (R-Bryan) visits with WTAW’s Bill Oliver.
According to The Associated Press, the Texas Comptroller reports that the state collected more than $2 billion in May, marking 26 months of sales tax growth. The total released Wednesday is a 7 percent increase over last year. Comptroller Susan Combs said the oil and gas industry continue to be a major contributor to sales tax growth, but that restaurants are also doing well as the economy continues to recover. While the state’s tax revenues are higher than forecast, it is still not enough to cover an expected $4 billion budget deficit next year.