July 3, 2019

Fiscal Notes: Motor Fuels Taxes in a Changing Texas Transportation Scene

(AUSTIN) — In the June/July edition of Fiscal Notes, released today, the Comptroller's office examines the state of transportation funding in Texas and some methods other states are using and considering to raise revenue for surface transportation. Miles driven in Texas have increased significantly over the past decade, and the stress on the state's roads has never been greater.

"Our aging infrastructure needs more maintenance and new expansion if we're going to maintain the robust growth of this state," Texas Comptroller Glenn Hegar said. "The state needs to stay informed about how the tax system is used across the country to help pay for roads and road maintenance, because in Texas a failing road and highway system is not acceptable."

This issue also takes a look at equity crowdfunding, in which companies seeking capital can sell small equity stakes for equally small contributions, without many of the requirements involved in traditional accredited investing in stocks and bonds. Thirty-three other states allow this form of crowdfunding; since Texas adopted it in 2014, the state's businesses have raised about $2.5 million in this way.

Fiscal Notes is available online and can be received by subscribing via the Comptroller's website. Fiscal Notes furthers the Comptroller's constitutional responsibility to monitor the state's economy and estimate state government revenues. It has been published since 1975, featuring in-depth analysis concerning state finances and original research by subject-matter experts in the Comptroller's office.