The new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. When the tax reform legislation was put into law at the beginning of
Texas Revenue To Rise In 2018 With Higher Oil Prices
The revenue Texas gets from severance taxes, land rents and royalty fees on oil and gas production could come in 27 percent higher than previously expected in fiscal 2018 if crude prices stay elevated above $60 a barrel, Fitch Ratings said Thursday.
The credit ratings agency believes Texas could collect about $3.3 billion in natural resource revenue this year, up from its previous estimate of about $2.6 billion.
Fitch said rising oil prices and a surge in U.S. oil production have made Texas and other oil-producing states more economically and financially stable.
Texas, with a more diverse economy than most energy-producing states, fared better than others like Alaska, Louisiana and Oklahoma, which were downgraded by Fitch as they saw sharp drops in financial reserves during the oil downturn.
#OIL #ECONOMY #HOUSTON #MONEY #JOBS #REALESTATE #NEXTHOME #REALTOR #iChooseJared
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