The full financial impact of the pandemic won’t be known until the summer, but Texas lawmakers are already bracing for the impact. State Comptroller Glenn Hegar said he expects to revise the state’s revenue estimates in July.
With so many businesses going dark or slowing to a crawl, Texas is expected to take a massive hit in sales tax revenue. Just since March 14, the state has processed more than 1 million unemployment claims.
Fortunately, Texas has a $10.2 billion rainy day fund, Hegar said. While some of that money is earmarked for other projects, the governor and legislature can redirect those funds to emergency spending during this disaster.
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By: Robert Arnold
April 17, 2020