Texas Comptroller of Public Accounts
FOR IMMEDIATE RELEASE
November 17, 2016
(AUSTIN) — The Texas economy usually delivers a dependable stream of revenue to state coffers. Collections of the various taxes comprising that revenue stream, however, can vary dramatically from year to year.
In the latest issue of Fiscal Notes, the Comptroller's office examines the way in which tax collections rise and fall, or tax volatility, and some of the factors driving it.
"Tax volatility may seem like an academic concern, but it can have real-world effects on the state budget and the people and organizations that depend on state funding," Texas Comptroller Glenn Hegar said.
In this issue, the Comptroller's office also looks at a recent policy statement by the Governmental Accounting Standards Board (GASB), the entity that sets accounting standards for state and local governments. This statement, called GASB 77, is expected to greatly improve the transparency of various tax incentives granted in exchange for economic development.
Fiscal Notes is an extension of the Comptroller's constitutional responsibilities to monitor the state's economy and estimate state government revenues. It has been published periodically since 1975, featuring in-depth analysis concerning state finances and original research by subject-matter experts in the Comptroller's office.
In 2015, the Texas Legislature passed House Bill 855, which requires state agencies to publish a list of the three most commonly used Web browsers on their websites. The Texas Comptroller’s most commonly used Web browsers are Google Chrome, Microsoft Internet Explorer and Apple Safari.