Texas Gov. Rick Perry (R) delivered his seventh State of the State address to the Legislature on January 29, including a call for lawmakers to provide at least $ 1.8 billion in tax relief and to tap the state's rainy day fund for a one-time, $ 3.7 billion investment in transportation and water infrastructure programs. The fund is fueled by oil and natural gas tax revenues, and will soon reach nearly $ 12 billion, "significantly more than the amount we need" to meet any projected future shortfalls, Perry said. Perry also called for the temporary franchise tax exemption for small businesses to be made permanent. The current exemption -- scheduled to end this year -- covers businesses with revenues of $ 1 million or less annually.
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