SB 1, the State’s Proposed Budget, Keeps our Promises to Texans & Charts a Path for Continued Prosperity
Today, Senate Bill 1 was filed by Senate Finance Chair Joan Huffman. SB 1 is the proposed budget for the next two years.
We currently have the largest budget surplus in the history of our state, to the tune of almost 33 billion dollars. That surplus does not belong to the government – it belongs to the taxpayers. We are working to use that budget surplus to provide the largest property tax cut in Texas history, fully secure our border, increase school safety, and bolster education opportunities for all of our Texas students.
Here are the highlights of SB1 as filed:
$15 billion set aside for additional property tax relief, including $3 billion to increase the homestead exemption to $70,000
$4.6 billion to maintain current border security operations with a pay raise for border law enforcement
$600 million for school safety initiatives in the supplemental budget
Rider provisions allowing for development of increased teacher pay and a 13th check or cost of living adjustment for our retired teachers
Fully funds the Foundation School Program including enrollment growth
$3.0 billion combined in the base and supplemental budgets to increase investment in mental health, including new and renovated state hospitals and expanded capacity in current hospitals
$400 million to finish The Alamo Restoration and up to $500 million for Gulf Coast Protection District projects
$900 million to reduce state debt by retiring law enforcement unfunded pension liability
$350 million to create a rural law enforcement fund and enhance sheriff's pay
$2.5 billion to create a new higher education endowment to assist non-Permanent University Fund schools
$650 million to increase community college funding based on schools' performance
