Texas projects record US$32bil budget surplus, driven by sales tax

Governor Greg Abbott has said he wants to use some of the surplus to lower property taxes. — AP

NEW YORK: Texas is forecasting a record US$32.7bil (RM143bil) budget surplus as a surge in sales taxes boosts the government’s revenue by billions more than what analysts have estimated.

The expected surplus, also called a cash carryover balance, is the largest on record for the Lone Star State and 21% more than the US$27bil (RM118bil) forecast in July, comptroller Glenn Hegar announced.