Austin, TX – During his State of the State address, Governor Greg Abbott today announced a continued commitment to providing funding for road repair, maintenance, and infrastructure investments in Texas. Under the Governor’s new budget proposal, $4 billion per year will be dedicated to building and maintaining roads without raising taxes, fees, tolls or debt. This will be accomplished by utilizing additional funds made available from the passage of Proposition 1, expected to generate $1.2 to $1.3 billion a year according to the Comptroller’s Biannual Revenue Estimate (BRE), ending a significant amount of diversions from the State Highway Fund, estimated to provide an additional $400 million a year, and by Constitutionally dedicating 50 percent of the motor vehicle sales tax to the State Highway Fund, a statutory change projected to make available an added $2.4 billion a year, following the approval of the Texas Legislature and voters.
“We commend Governor Abbott for his continued commitment to funding our state transportation needs, protecting Texas citizens, and supporting continued commerce across all industries, including oil and natural gas development,” said Ed Longanecker, president of the Texas Independent Producer & Royalty Owners Association (TIPRO). “This issue is of paramount importance, particularly in the areas of the state that have experienced an increase in oil and gas production in recent years. TIPRO remains focused on supporting measures that effectively address these needs by utilizing our existing tax revenue base.”
