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State Transportation Infrastructure Plan Increases $15 Billion from Record Oil and Gas Taxes
Due to the state's record consumption tax collections, Texas' 2024 transportation plan increased from $85 to $100 billion.
By Brad Johnson
February 27, 2023
Planes, trains, and automobiles are on the minds of Texas legislators this year thanks torecord projections for the state’s treasury surplus.
Theoretically, the Texas Legislature has a nearly $60 billion estimated surplus at its disposal in the treasury and the Economic Stabilization Fund (ESF) — though officials will neither drain the ESF nor spend the entire collective pot.
A realistic, very rough estimate for how much of the tranche will be spent is between $35 and $45 billion for all the various purposes legislators have laid out: property taxes, school funding, utility infrastructure, transportation, and more.
Gov. Greg Abbott and the Texas Department of Transportation (TxDOT)announced an update to the state’s 10-year transportation plan last week — increasing the plan’s price tag from $85 to $100 billion.