Good, Bad To Be Had In Texas Adjournment

Register now

State lawmakers adjourned the special session of the legislature last week without agreeing to a plan to equalize education funding, as required by the courts.

The legislative stalemate is both a good thing and a bad thing for credit unions. The good thing, according to Buddy Gill, chief lobbyist for the Texas CU League, is that a payroll tax that would have included credit unions was never seriously considered by the Senate after being killed by the House, eliminating that threat for the short term.

The bad thing is Gov. Rick Perry could call an additional session, bringing back a variety of funding schemes, because the state has been mandated by the courts to initiate new funding. This leaves the threat hanging over credit unions.

"The issue's not going away, it's just been postponed," said Gill. "For now, I'm not dancing. This stuff's coming back."

For reprint and licensing requests for this article, click here.