Texas Sen. Kel Seliger has filed a bill and joint resolution to decrease oil and gas severance tax rates and limit the state’s Rainy Day Fund to $5 billion.
This is the first time the Amarillo Republican has filed a bill of this type, and tax observers say a proposal to reduce the severance tax is rare. More often than not, lawmakers tend to propose where excess revenue should go when the funding of the Rainy Day Fund exceeds its state-mandated cap. That state-mandated cap currently is $16.2 billion,…
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