JUST BEFORE MEMORIAL DAY WEEKEND, LAWMAKERS inked an $11.6 billion school finance and property tax reform package. The passage of House Bill 3, which includes a boost in state funding for schools, better teacher pay and a massive state buydown of local property taxes, was a kumbaya moment. But there was just one problem. Lawmakers didn’t include a way to pay for it beyond the next two years.
One place to look: the myriad state and local tax exemptions, loopholes, abatements and breaks that disproportionately benefit special interests, including manufacturers, lawyers, the tech industry, retailers and, most recently, yacht owners. According to the comptroller’s office, these carve-outs cost the state $60 billion a year, eroding the broader tax base and forcing average Texans to pay more.
“We need to look…