Tracking state tax breaks

A new report from the Volcker Alliance, founded by former Federal Reserve Board Chairman Paul A. Volcker, tracks state tax breaks. The report found that tax breaks/abatements “reduce state revenues by an estimated $1 trillion a year, almost three times their 2021 total expenditures on education.” Curious about Texas? Texas had nearly $1.3 billion in GASB77 tax abatements in 2022. That puts it at #2 in tax abatements, millions shy of the top state, New York.