Texas Lt. Gov. Dan Patrick says $4 billion from a massive budget surplus should be returned to Texas property owners next year.
Texas Comptroller Glenn Hegar said Thursday the expected $11.9 billion budget surplus was being revised to $26.9 billion, an increase of $14.95 billion from the November projected balance, due to tax revenues rebounding strongly in recent months after being suppressed by the pandemic.
Patrick described the additional money as an "unprecedented windfall" and said he wants to direct billions back to Texas property owners.
Our first priority is to send money back to the taxpayers of Texas.
Texas. Lt. Gov. Dan Patrick
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Patrick said in his statement that he's sure the state legislature will have ideas on how the revenue should be spent, but that he believes "Texas homeowners must receive tax relief before we commit to any new spending."
"I have always believed returning money back to taxpayers does not grow government. Every member of the Texas Senate will have ideas on how this additional revenue should be spent and I will give them full consideration," Patrick said. "However, I believe, first and foremost, any surplus should first go back to the taxpayers of Texas."
The lieutenant governor didn't say how much each property owner might receive, only that it was his goal to provide property tax relief.
Patrick outlined five priorities for funds, including $4 billion toward 2023 property tax relief.
He also said he wants to suspend the state gas tax for the remainder of 2022, which would save Texans $.20 per gallon on gasoline; increase the homestead exemption to $60,000; fund pay raises for teachers; and provide another "13th check" for retired educators.
TEXAS PROPERTY TAX
The lieutenant governor said the state must also continue to pay for border security, which Gov. Greg Abbott said earlier this week would cost an additional $1.35 billion on top of the $4 billion Texas taxpayers have already paid.
"I still have concerns about a national recession but the Texas economy will always lead the nation with our conservative approach to spending and putting taxpayers first," Patrick said. "This unprecedented windfall due to the hard work of Texas taxpayers and our growing economy will give us the funding we need to weather any future economic storm that the nation may face."
