Flash Flood Watches are posted through Monday morning for all of Texoma. The most concentrated rainfall is expected Saturday night into Sunday. Please be alert to floodwaters, washed out roads and rising creeks.
3-29-06 - Governor Rick Perry today recommended a school-funding plan that would give Texas homeowners a property tax break. That break would be paid for by taxes on smoking and business.
The plan aims to raise almost $6 billion for the state's public school budget. The new money would offset losses from giving homeowners a 1/3-school property tax cut. Most of the proposed new tax money comes from a restructured business tax. That would generate an estimated $4 billion dollars.
The cigarette tax would increase by a dollar from $0.40 to $1.40 per pack. That would bring in about $800 million. The plan crafted by the Texas Tax Reform Commission also uses $1 billion from a state budget surplus of more than $4 billion.
The recommendation is a starting point for the Legislature when it convenes April 17th for a 30-day special session to rework school finance.